Title: Corn Futures ( ZC1! ), H4 Potential for Bearish Momentum
Type: Bearish Momentum
Resistance: 698.4
Pivot: 661.40
Support: 680.40
Preferred case: Since September 28, 2022, corn prices have been rising. The price is above the Ichimoku cloud, indicating that the market is bullish. The price moved strongly upwards, approaching the first resistance level at 698.4, which contains two 100% Fibonacci lines. Price then bounced off it and closed below the first resistance level. If this retracement continues, price will fall towards the first support level at 680.4, which contains the 50%, 38.2%, and 61.8% Fibonacci lines.
Alternative scenario: Price may go back up retest the 1st resistance before heading down towards the first support level.
Fundamentals: There are no major news.
Type: Bearish Momentum
Resistance: 698.4
Pivot: 661.40
Support: 680.40
Preferred case: Since September 28, 2022, corn prices have been rising. The price is above the Ichimoku cloud, indicating that the market is bullish. The price moved strongly upwards, approaching the first resistance level at 698.4, which contains two 100% Fibonacci lines. Price then bounced off it and closed below the first resistance level. If this retracement continues, price will fall towards the first support level at 680.4, which contains the 50%, 38.2%, and 61.8% Fibonacci lines.
Alternative scenario: Price may go back up retest the 1st resistance before heading down towards the first support level.
Fundamentals: There are no major news.