Title: Wheat Futures ( ZW1! ), H1 Bullish Bounce!
Type : Bullish bounce
Resistance : 1108'4
Pivot: 1071'6
Support : 1055'0
Preferred Case: Prices are at a pivot. We see the potential for a bounce from our pivot at 1071'6 in line with 23.6% Fibonacci Retracement towards our 1st resistance at 1108'4 which is an area of Fibonacci confluences. Prices are trading above our ichimoku clouds, further supporting our bullish bias.
Alternative scenario: Price might continue to dip towards the 1st support level of 1055'0 in line with 38.2% Fibonacci retracement.
Fundamentals: No Major News
Type : Bullish bounce
Resistance : 1108'4
Pivot: 1071'6
Support : 1055'0
Preferred Case: Prices are at a pivot. We see the potential for a bounce from our pivot at 1071'6 in line with 23.6% Fibonacci Retracement towards our 1st resistance at 1108'4 which is an area of Fibonacci confluences. Prices are trading above our ichimoku clouds, further supporting our bullish bias.
Alternative scenario: Price might continue to dip towards the 1st support level of 1055'0 in line with 38.2% Fibonacci retracement.
Fundamentals: No Major News
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