Wheat Futures (ZW1!) H4 I Rising from an overlap support?
Type:
Bullish Reversal
Key Levels:
Resistance: 576’6
Pivot: 553’6
Support: 541’0
Preferred Case:
Looking at the H4 chart, the price is falling toward overlap support and stabilizes around this level before reversing toward the 1st resistance at 576’6
Alternative Scenario:
Price may break below the Pivot at 553’6 close to the 50% Fibonacci retracement and fall towards the 1st support at 541’0
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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.