Wheat Mini Futures ( XW1! ), H4 Potential for Bullish Momentum
Type: Bullish Momentum
Resistance: 1031'1
Pivot: 938'1
Support: 897'0
Preferred Case: The price is crossing the ichimoku cloud and moving within the ascending channel, we have a bullish bias that the price may rise from the pivot at 938'1, which is in line with the 38.2% fibonacci retracement to the 1st resistance at 1031'1, which is in line with the 50% Fibonacci retracement.
Alternative scenario: If bearish momentum persists, expect price drop to the 1st support at 897'0, where the 23.6% fibonacci retracement is.
Fundamentals: There is no major news.
Resistance: 1031'1
Pivot: 938'1
Support: 897'0
Preferred Case: The price is crossing the ichimoku cloud and moving within the ascending channel, we have a bullish bias that the price may rise from the pivot at 938'1, which is in line with the 38.2% fibonacci retracement to the 1st resistance at 1031'1, which is in line with the 50% Fibonacci retracement.
Alternative scenario: If bearish momentum persists, expect price drop to the 1st support at 897'0, where the 23.6% fibonacci retracement is.
Fundamentals: There is no major news.