Title: Corn Futures ( ZC1!), H4 Potential for Bearish Momentum
Type: Bearish Momentum
Resistance: 671.75
Pivot: 661.50
Support: 632.50
Preferred case: On the H4 chart, we have a bearish bias. To add confluence to this, price is under the Ichimoku cloud which indicates a bearish market. If this bearish momentum continues, expect price to possibly head towards the support line at 632.50 where the 50% fibonacci line is located.
Alternative scenario: Price may go back up to retest the pivot at 661.50, where the previous swing low is.
Fundamentals: There are no major news.
Type: Bearish Momentum
Resistance: 671.75
Pivot: 661.50
Support: 632.50
Preferred case: On the H4 chart, we have a bearish bias. To add confluence to this, price is under the Ichimoku cloud which indicates a bearish market. If this bearish momentum continues, expect price to possibly head towards the support line at 632.50 where the 50% fibonacci line is located.
Alternative scenario: Price may go back up to retest the pivot at 661.50, where the previous swing low is.
Fundamentals: There are no major news.