Wheat Futures (ZW1!) H1 | Potential Bearish Reversal off an Overlap Resistance?
Wheat Futures (ZW1!) H1 | Potential Bearish Reversal off an Overlap Resistance?
Type:
Bearish Reversal
Key Levels:
Resistance: 569’2
Pivot: 556’6
Support: 533’2
Preferred Case:
Looking at the H1 chart, the price could rise toward the pivot and potentially stall around this level before reversing to fall toward the 1st Support at 533’2.
Alternative Scenario:
Price may break above the Pivot at 556’6 and rise toward the 1st Resistance at 569’2.
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.