Wheat Mini Futures ( XW1! ), H4 Potential for Bullish Momentum
Type : Bullish rise
Resistance : 1017‘4
Pivot: 920’0
Support : 848‘2
Preferred Case: On the H4, with price moving along the ascending trendline and above the ichimoku indicator, we have a bullish bias that price will rise from the pivot at 920’0 to the 1st resistance at 1017‘4 where the 50% fibonacci retracement is.
Alternative scenario: Alternatively, price could break pivot structure and drop to the 1st support at 848‘2 where the overlap support is and 38.2% fibonacci retracement is.
Fundamentals: No Major News
Resistance : 1017‘4
Pivot: 920’0
Support : 848‘2
Preferred Case: On the H4, with price moving along the ascending trendline and above the ichimoku indicator, we have a bullish bias that price will rise from the pivot at 920’0 to the 1st resistance at 1017‘4 where the 50% fibonacci retracement is.
Alternative scenario: Alternatively, price could break pivot structure and drop to the 1st support at 848‘2 where the overlap support is and 38.2% fibonacci retracement is.
Fundamentals: No Major News
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results