Wheat Futures ( ZW1! ), H1 Bullish rise!
Type : Bullish rise
Resistance 1218'0
Pivot: 1182'4
Support : 1164'6
Preferred Case: With MACD following a bullish momentum and price breakout from the descending trendline, we have a bullish bias that price will rise to our 1st resistance at 1218'0 in line with the horizontal overlap resistance and 38.2% Fibonacci retracement from our pivot at 1182'4 in line with the overlap support.
Alternative scenario: Alternatively, price may break pivot structure and head for 1st support at 1164'6 in line with the 61.8% Fibonacci retracement and horizontal swing low support.
Fundamentals: No Major News
Resistance 1218'0
Pivot: 1182'4
Support : 1164'6
Preferred Case: With MACD following a bullish momentum and price breakout from the descending trendline, we have a bullish bias that price will rise to our 1st resistance at 1218'0 in line with the horizontal overlap resistance and 38.2% Fibonacci retracement from our pivot at 1182'4 in line with the overlap support.
Alternative scenario: Alternatively, price may break pivot structure and head for 1st support at 1164'6 in line with the 61.8% Fibonacci retracement and horizontal swing low support.
Fundamentals: No Major News
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