Wheat Futures (ZW1!) H4 | Overlap Resistance at 50% Fibonacci Retracement
Wheat Futures (ZW1!) H4 | Overlap Resistance at 50% Fibonacci Retracement
Type:
Bearish Reversal
Key Levels:
Resistance: 588’4
Pivot: 572’6
Support: 529’0
Preferred Case:
Looking at the H4 chart, the price could rise toward the pivot and potentially stall around this level before reversing to fall toward the 1st Support at 529’0. The presence of the red Ichimoku Cloud adds further significance to the strength of the bearish momentum.
Alternative Scenario:
Price may break above the Pivot at 572’6 and rise toward the 1st Resistance at 588’4.
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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.