WHEAT FUTURES (ZW1!), H1 Potential for Bullish Rise
Type : Bullish Rise
Resistance : 1103'6
Pivot: 1084'0
Support : 1072'4
Preferred Case: On the H1, price is moving above the ichimoku cloud which supports our bullish bias that price will rise from the pivot at 1084'0 where the overlap support and 23.6% fibonacci retracement are to the 1st resistance at 1103'6 in line with the overlap resistance, 78.6% fibonacci projection and 127.2% fibonacci extension .
Alternative scenario: Alternatively, price may break pivot structure and drop to the 1st support at 1072'4 in line with the overlap support and 38.2% fibonacci retracement.
Fundamentals: Since both countries, Russia and Ukraine, are major exporter of agriculture goods and their persistent war will lead to a shortage of agricultural goods and give us a bullish bias for wheat .
Resistance : 1103'6
Pivot: 1084'0
Support : 1072'4
Preferred Case: On the H1, price is moving above the ichimoku cloud which supports our bullish bias that price will rise from the pivot at 1084'0 where the overlap support and 23.6% fibonacci retracement are to the 1st resistance at 1103'6 in line with the overlap resistance, 78.6% fibonacci projection and 127.2% fibonacci extension .
Alternative scenario: Alternatively, price may break pivot structure and drop to the 1st support at 1072'4 in line with the overlap support and 38.2% fibonacci retracement.
Fundamentals: Since both countries, Russia and Ukraine, are major exporter of agriculture goods and their persistent war will lead to a shortage of agricultural goods and give us a bullish bias for wheat .
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