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.