Type : Bullish Rise
Resistance : 1103'6
Pivot: 1084'0
Support : 1072'4
Preferred Case: On the H1, price is moving above the ichimoku cloud which supports our bullish bias that price will rise from the pivot at 1084'0 where the overlap support and 23.6% fibonacci retracement are to the 1st resistance at 1103'6 in line with the overlap resistance, 78.6% fibonacci projection and 127.2% fibonacci extension .
Alternative scenario: Alternatively, price may break pivot structure and drop to the 1st support at 1072'4 in line with the overlap support and 38.2% fibonacci retracement.
Fundamentals: Since both countries, Russia and Ukraine, are major exporter of agriculture goods and their persistent war will lead to a shortage of agricultural goods and give us a bullish bias for wheat .
Resistance : 1103'6
Pivot: 1084'0
Support : 1072'4
Preferred Case: On the H1, price is moving above the ichimoku cloud which supports our bullish bias that price will rise from the pivot at 1084'0 where the overlap support and 23.6% fibonacci retracement are to the 1st resistance at 1103'6 in line with the overlap resistance, 78.6% fibonacci projection and 127.2% fibonacci extension .
Alternative scenario: Alternatively, price may break pivot structure and drop to the 1st support at 1072'4 in line with the overlap support and 38.2% fibonacci retracement.
Fundamentals: Since both countries, Russia and Ukraine, are major exporter of agriculture goods and their persistent war will lead to a shortage of agricultural goods and give us a bullish bias for wheat .
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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.