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Wheat Mini Futures ( XW1! ), H4 Potential for Bullish MomentumTitle: Wheat Mini Futures ( XW1! ), H4 Potential for Bullish Momentum Type: Bullish Momentum Resistance: 949'3 Pivot: 904'1 Support: 877'3 Preferred case: With the price moving above ichimoku cloud, we have a buillish bias that the price may rise from the pivot at 904'1, which is in line with the overlap resistance to the 61.8% fibonacci retracement to the 1st resistance at 949'3, where the swing high is. Alternative scenario: Price may retrace downwards and head towards the 877'3 support level, where the 38.2% Fibonacci lines located. Fundamentals: There are no major news.
CBOT_MINI:XW1!Long
by Genesiv
Wheat Mini Futures ( XW!), H4 Potential for Bearish MomentumType: Bearish Momentum Resistance: 904'1 Pivot: 856’0 Support: 781'4 Preferred Case: On H4, as the price moving below ichimoku cloud and descending channel , we have a bearish bias that the price may drop from the pivot at 856‘0. which is in line with the overlap resistance and 23.6% fibonacci retracement to the 1st support at 781'4 where the 78.6% fibonacci retracement is. Alternative scenario: Alternatively, the price may rise to the 1st resistance at 904'1, which is in line with the 61.8% fibonacci retracement . Fundamentals: There are no major news.
CBOT_MINI:XW1!Short
by Genesiv
Wheat Mini Futures ( XW!), H4 Potential for Bearish MomentumType: Bearish Momentum Resistance: 904'1 Pivot: 853'1 Support: 781'4 Preferred Case: On H4, as the price moving below ichimoku cloud and descending channel , we have a bearish bias that the price may drop from the pivot at 853'1. which is in line with the overlap resistance and 23.6% fibonacci retracement to the 1st support at 781'4 where the 78.6% fibonacci retracement is. Alternative scenario: Alternatively, the price may rise to the 1st resistance at 904'1, which is in line with the 61.8% fibonacci retracement . Fundamentals: There are no major news.
CBOT_MINI:XW1!Short
by Genesiv
Wheat Mini Futures ( XW!), H4 Potential for Bearish MomentumType: Bearish Momentum Resistance: 904'1 Pivot: 853'1 Support: 781'4 Preferred Case: On H4, as the price moving below ichimoku cloud and descending channel , we have a bearish bias that the price may drop from the pivot at 853'1. which is in line with the overlap resistance and 23.6% fibonacci retracement to the 1st support at 781'4 where the 78.6% fibonacci retracement is. Alternative scenario: Alternatively, the price may rise to the 1st resistance at 904'1, which is in line with the 61.8% fibonacci retracement . Fundamentals: There are no major news.
CBOT_MINI:XW1!Short
by Genesiv
Wheat Mini Futures ( XW1! ), H4 Potential for Bearish MomentumType: Bearish Momentum Resistance: 904'1 Pivot: 858'2 Support: 781'4 Preferred Case: On H4, as the price moving below ichimoku cloud and descending channel , we have a bearish bias that the price may drop from the pivot at 858'2. which is in line with the overlap resistance and 23.6% fibonacci retracement to the 1st support at 781'4 where the 78.6% fibonacci retracement is. Alternative scenario: Alternatively, the price may rise to the 1st resistance at 904'1, which is in line with the 61.8% fibonacci retracement . Fundamentals: There are no major news.
CBOT_MINI:XW1!Short
by Genesiv
Wheat Mini Futures (XW1! ), H4 Potential for Bearish MomentumType: Bearish Momentum Resistance: 904'1 Pivot: 876'3 Support: 818'6 Preferred Case: The H4 price is breaking the descending channel and below ichimoku cloud, we have a bearish bias that the price may drop from the pivot at 876'3, where the 23.6% fibonaci retracement and overlap resistance are to the 1st support at 818'6, which is in line with the 61.8% fibonacci retracement and overlap support. Alternative scenario: If there is a price reversal, price will move to 904'1, where the previous swing high and 50% fibonacci retracement are. Fundamentals: There are no major news.
CBOT_MINI:XW1!Short
by Genesiv
Wheat mini Futures ( XW1! ), H4 Potential for Bullish MomentumType : Bullish rise Resistance : 1030'5 Pivot: 901'4 Support : 845'6 Preferred Case: On the H4, with price moving in an ascending trend and trading above the ichimoku indicator, we have a bullish bias that price may rise from the pivot at 901'4 where the 23.6% retracement sits to the 1st resistance at 1030'5 where the 50% fibonacci retracement and overlap support are. Alternative scenario: Alternatively, price could break pivot structure and drop to the 1st support at 845'6 where the 50% fibonacci retracement and overlap support sits Fundamentals: No Major News
CBOT_MINI:XW1!Long
by Genesiv
Wheat Mini Futures ( XW1! ), H4 Potential for Bullish MomentumType: Bullish Momentum Resistance: 1031'1 Pivot: 938'1 Support: 897'0 Preferred Case: The price is crossing the ichimoku cloud and moving within the ascending channel, we have a bullish bias that the price may rise from the pivot at 938'1, which is in line with the 38.2% fibonacci retracement to the 1st resistance at 1031'1, which is in line with the 50% Fibonacci retracement. Alternative scenario: If bearish momentum persists, expect price drop to the 1st support at 897'0, where the 23.6% fibonacci retracement is. Fundamentals: There is no major news.
CBOT_MINI:XW1!Long
by Genesiv
Wheat Mini Futures ( XW1! ), H4 Potential for Bullish MomentumType : Bullish rise Resistance : 1017‘4 Pivot: 920’0 Support : 848‘2 Preferred Case: On the H4, with price moving along the ascending trendline and above the ichimoku indicator, we have a bullish bias that price will rise from the pivot at 920’0 to the 1st resistance at 1017‘4 where the 50% fibonacci retracement is. Alternative scenario: Alternatively, price could break pivot structure and drop to the 1st support at 848‘2 where the overlap support is and 38.2% fibonacci retracement is. Fundamentals: No Major News
CBOT_MINI:XW1!Long
by Genesiv
SHORT XWM21 (Wheat Futures May21)We have been on a bull run in the wheat market since June of last year. However the past couple months we hit a high followed by consolidation between 635-685. We formed a double top and price is looking pretty heavy. We broke out of a multi-month support level and price came back to test this area and looks like it is now a new resistance. Looking to take partial profits at 580, 540 and perhaps even a move to take out the lows made at June 2020.
CBOT_MINI:XW1!Short
by amirtrades