Title: Corn Futures ( ZC1!), H4 Potential for Bearish Momentum
Type: Bearish Momentum
Resistance: 680.00
Pivot: 661.20
Support: 671.50
Preferred case: On the H4 chart, the overall bias for ZC1!, corn is bearish. To add confluence to this, price is below the Ichimoku cloud which indicates a bearish market. Price has tapped on to the 1st resistance at 680.00 where the 50% and 38.2% Fibonacci lines are located before closing underneath it. Expecting price to continue its bearish momentum towards the support at 671.50, where the 23.6% Fibonacci line is located.
Alternative scenario: Price may go back up and close above the 1st resistance level.
Fundamentals: There are no major news.
Type: Bearish Momentum
Resistance: 680.00
Pivot: 661.20
Support: 671.50
Preferred case: On the H4 chart, the overall bias for ZC1!, corn is bearish. To add confluence to this, price is below the Ichimoku cloud which indicates a bearish market. Price has tapped on to the 1st resistance at 680.00 where the 50% and 38.2% Fibonacci lines are located before closing underneath it. Expecting price to continue its bearish momentum towards the support at 671.50, where the 23.6% Fibonacci line is located.
Alternative scenario: Price may go back up and close above the 1st resistance level.
Fundamentals: There are no major news.