Title: Wheat Futures ( ZW1! ), H1 Bullish Bounce!
Type : Bullish bounce
Resistance : 1108'4
Pivot: 1071'6
Support : 1055'0
Preferred Case: Prices are at a pivot. We see the potential for a bounce from our pivot at 1071'6 in line with 23.6% Fibonacci Retracement towards our 1st resistance at 1108'4 which is an area of Fibonacci confluences. Prices are trading above our ichimoku clouds, further supporting our bullish bias.
Alternative scenario: Price might continue to dip towards the 1st support level of 1055'0 in line with 38.2% Fibonacci retracement.
Fundamentals: No Major News
Type : Bullish bounce
Resistance : 1108'4
Pivot: 1071'6
Support : 1055'0
Preferred Case: Prices are at a pivot. We see the potential for a bounce from our pivot at 1071'6 in line with 23.6% Fibonacci Retracement towards our 1st resistance at 1108'4 which is an area of Fibonacci confluences. Prices are trading above our ichimoku clouds, further supporting our bullish bias.
Alternative scenario: Price might continue to dip towards the 1st support level of 1055'0 in line with 38.2% Fibonacci retracement.
Fundamentals: No Major News
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.