Oats Futures (ZW1!), H4 Potential Bearish Dip
Type: Bearish Reversal
Resistance : 746'7
Pivot: 729'0
Support : 696'2
Preferred case: Price is approaching our pivot level of 729'0 in line with 138.2% Fibonacci extension. We see the potential for a further dip towards our 1st support level of 696'2 in line with 23.6% Fibonacci retracement. Our bearish bias is further supported by the stochastic indicator where price is trading at the resistance level.
Alternative scenario: Otherwise, price could potentially go to the 1st resistance level which is in line with 161.8% Fibonacci extension and 78.6% Fibonacci projection.
Fundamentals: No major news
Resistance : 746'7
Pivot: 729'0
Support : 696'2
Preferred case: Price is approaching our pivot level of 729'0 in line with 138.2% Fibonacci extension. We see the potential for a further dip towards our 1st support level of 696'2 in line with 23.6% Fibonacci retracement. Our bearish bias is further supported by the stochastic indicator where price is trading at the resistance level.
Alternative scenario: Otherwise, price could potentially go to the 1st resistance level which is in line with 161.8% Fibonacci extension and 78.6% Fibonacci projection.
Fundamentals: No major news
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