Wheat Futures (ZW1!) H4 | Overlap Resistance at 38.2% Fibonacci Retracement
Wheat Futures (ZW1!) H4 | Overlap Resistance at 38.2% Fibonacci Retracement
Type:
Bearish Reversal
Key Levels:
Resistance: 585'4
Pivot: 576'6
Support: 557'4
Preferred Case:
Looking at the H4 chart, the price is rising towards an overlap resistance where it could stall before reversing to fall lower. The bearish momentum could cause the price to drop towards the 1st Support at 557'4.
Alternative Scenario:
Price may break above the Pivot at 576'6 and rise towards the 1st Resistance at 585'4.
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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.