Wheat Futures (ZW1!), H4 Bearish Dip
Type : Bearish Dip
Resistance : 1075'6
Pivot: 1036'6
Support : 982'0
Preferred Case: Prices have approached our Pivot at 1036'6 in line with 61.8% Fibonacci Retracement . We see the potential for a dip from our Pivot at 1036'6 towards our 1st support at 982'0 in line with 61.8% Fibonacci Projection . Prices are trading below our ichimoku cloud resistance, further supporting our bearish bias.
Alternative scenario: Price might continue to climb towards the 1st resistance level of 1075'6 in line with 100% Fibonacci projection .
Fundamentals: No Major News
Resistance : 1075'6
Pivot: 1036'6
Support : 982'0
Preferred Case: Prices have approached our Pivot at 1036'6 in line with 61.8% Fibonacci Retracement . We see the potential for a dip from our Pivot at 1036'6 towards our 1st support at 982'0 in line with 61.8% Fibonacci Projection . Prices are trading below our ichimoku cloud resistance, further supporting our bearish bias.
Alternative scenario: Price might continue to climb towards the 1st resistance level of 1075'6 in line with 100% Fibonacci projection .
Fundamentals: No Major News
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