Wheat Futures (ZW1!) H1 | Swing-high Resistance Overhead
Type:
Bearish Reversal
Key Levels:
Resistance: 557’4
Pivot: 551’2
Support: 539’2
Preferred Case:
Looking at the H1 chart, the price is rising toward the pivot and could potentially make a bearish reversal off this level before falling toward the 1st Support at 539’2.
Alternative Scenario:
Price may break above the Pivot at 551’2 and rise toward the 1st Resistance at 557’4.
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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.