Title: Wheat Futures (ZW1!), H4 Bearish Dip
Type : Bearish Dip
Resistance : 1064'0
Pivot: 1031'6
Support : 982'2
Preferred Case: Prices are on bearish momentum and abiding by a descending trendline We see the potential for a dip from our Pivot at 1031'6 in line with 50% Fibonacci Retracement towards our 1st support at 982'0 in line with 100% 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 1064'0 in line with 50% Fibonacci retracement and 61.8% Fibonacci Projection.
Fundamentals: No Major News
Type : Bearish Dip
Resistance : 1064'0
Pivot: 1031'6
Support : 982'2
Preferred Case: Prices are on bearish momentum and abiding by a descending trendline We see the potential for a dip from our Pivot at 1031'6 in line with 50% Fibonacci Retracement towards our 1st support at 982'0 in line with 100% 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 1064'0 in line with 50% Fibonacci retracement and 61.8% Fibonacci Projection.
Fundamentals: No Major News