Wheat Futures ( ZW1! ), H1 Bearish Continuation
Type : Bearish Momentum
Resistance : 1085'2
Pivot: 1065'2
Support : 1027'0
Preferred Case: On the H1, price is moving below the ichimoku cloud which supports bearish bias that price will drop from our pivot at 1065'2 in line with the overlap resistance and 23.6% fibonacci retracement to the 1st support at 1027'0 in line with the swing low support.
Alternative scenario: Alternatively, price may break through pivot structure and rise to the 1st resistance level at 1085'2 in line with the overlap resistance, 23.6% fibonnaci retracement, 38.2% fibonacci retracement and 100% fibonacci projection.
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 : 1085'2
Pivot: 1065'2
Support : 1027'0
Preferred Case: On the H1, price is moving below the ichimoku cloud which supports bearish bias that price will drop from our pivot at 1065'2 in line with the overlap resistance and 23.6% fibonacci retracement to the 1st support at 1027'0 in line with the swing low support.
Alternative scenario: Alternatively, price may break through pivot structure and rise to the 1st resistance level at 1085'2 in line with the overlap resistance, 23.6% fibonnaci retracement, 38.2% fibonacci retracement and 100% fibonacci projection.
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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