Wheat Futures (ZW1!) H4 | Approaching Swing-low Support
Wheat Futures (ZW1!) H4 | Approaching Swing-low Support
Type:
Bullish Reversal
Key Levels:
Resistance: 608'0
Pivot: 576'0
Support: 562'0
Preferred Case:
Looking at the H4 chart, the stochastic oscillator is indicating a potential 'Oversold' condition as the price approaches a swing-low support - a level where a bullish reversal has taken place previously. It could stabilize around the Pivot before reversing to bounce towards the 1st Resistance at 608'0.
Alternative Scenario:
Price may break below the Pivot at 576'0 and fall towards the 1st Support at 562'0.