Wheat Futures (ZW1!) H1 | Falling to 38.2% Fibonacci Support
Type:
Bullish Bounce
Key Levels:
Resistance: 576'0
Pivot: 558'6
Support: 549'4
Preferred Case:
Looking at the H1 chart, the price is falling towards the pivot where the bullish momentum could cause the price to bounce off this level to rise towards the 1st Resistance at 576'0.
Alternative Scenario:
Price may break under the Pivot at 558'6 and fall towards the 1st Support at 549'4.
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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.