Wheat Mini Futures (XW1!), H4 Potential for Bullish Rise
Type : Bullish rise
Resistance : 1016'7
Pivot: 915'5
Support : 818'0
Preferred Case: On the H4, with price moving along the ascending channel and above the ichimoku indicator, we have a bullish bias that price will rise from the pivot at 915'5, which is in line with the 161.8% fibonacci extension and 50% fibonacci retracement to the 1st resistance at 1016'7 where the 50% and 78.6% fibonacci retracement .
Alternative scenario: Alternatively, price could break pivot structure and drop to the 1st support at 818'0 where the overlap support and 50% fibonacci retracement are.
Fundamentals: No Major News
Resistance : 1016'7
Pivot: 915'5
Support : 818'0
Preferred Case: On the H4, with price moving along the ascending channel and above the ichimoku indicator, we have a bullish bias that price will rise from the pivot at 915'5, which is in line with the 161.8% fibonacci extension and 50% fibonacci retracement to the 1st resistance at 1016'7 where the 50% and 78.6% fibonacci retracement .
Alternative scenario: Alternatively, price could break pivot structure and drop to the 1st support at 818'0 where the overlap support and 50% fibonacci retracement are.
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