Wheat forming Lower High
Key levels Identified
- Black line : Monthly Resistance
- Maroon line : Monthly Open
Weekly Timeframe
- Third retest of Monthly Resistance level
- Last week candle close as an inside bar suggests consolidation, Expansion might be coming soon
Daily Timeframe
- Confirmed Bearish Pinbar with a close below its low
- Local 0.618 Fibonacci Retracement level
Idea: Looking for a retrace to ride to the downside. Unsure if this is truly a lower high as a lower high is only confirmed is there is a lower low.
- Black line : Monthly Resistance
- Maroon line : Monthly Open
Weekly Timeframe
- Third retest of Monthly Resistance level
- Last week candle close as an inside bar suggests consolidation, Expansion might be coming soon
Daily Timeframe
- Confirmed Bearish Pinbar with a close below its low
- Local 0.618 Fibonacci Retracement level
Idea: Looking for a retrace to ride to the downside. Unsure if this is truly a lower high as a lower high is only confirmed is there is a lower low.
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