Wheat Mini Futures (XW1! ), H4 Potential for Bearish Momentum
Type: 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.
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.