Title: Wheat Mini Futures ( XW1! ), H4 Potential for Bearish Momentum
Post by: forex4you on Oct 21, 2022, 02:03 pm
Post by: forex4you on Oct 21, 2022, 02:03 pm
Wheat Mini Futures ( XW1! ), H4 Potential for Bearish Momentum
Source: Wheat Mini Futures ( XW1! ), H4 Potential for Bearish Momentum (http://aroundworld24.com/2022/10/21/wheat-mini-futures-xw1-h4-potential-for-bearish-momentum/)
Wheat Mini Futures ( XW1! ), H4 Potential for Bearish Momentum
Type: 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.
Source: Wheat Mini Futures ( XW1! ), H4 Potential for Bearish Momentum (http://aroundworld24.com/2022/10/21/wheat-mini-futures-xw1-h4-potential-for-bearish-momentum/)