Wheat Futures (ZW1!) D1 I Potential Bullish Bounce
Type:
Bullish Bounce
Key Levels:
Resistance: 554’0
Pivot: 523’4
Support: 517’4
Preferred Case:
Looking at the D1 chart, the price could fall toward a multi-swing-low support and potentially stabilize around this level before rising toward the 1st Resistance at 554’0.
Alternative Scenario:
Price may break below the Pivot at 523’4 and fall toward the 1st Support at 517’4.
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.