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