Wheat Futures (ZW1!) H1 | Multi-swing-high Resistance at 61.8% Fibonacci Retracement
Wheat Futures (ZW1!) H1 | Multi-swing-high Resistance at 61.8% Fibonacci Retracement
Type:
Bearish Reversal
Key Levels:
Resistance: 548’2
Pivot: 543’6
Support: 535’4
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 535’4.
Alternative Scenario:
Price may break above the Pivot at 543’6 and rise toward the 1st Resistance at 548’2.
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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.