Title: Corn Futures ( ZC1!), H4 Potential for Bearish Momentum
Type: Bearish Momentum
Resistance: 672.50
Pivot: 677.25
Support: 661.50
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. Overnight price had bearish momentum downwards with price currently trading at 666.50 at time of writing. If this bearish momentum continues, expect price to possibly head towards the support line at 661.50 where the previous swing low and 100% Fibonacci lines are located.
Alternative scenario: Price may go back up and head towards the 1st resistance at 672.50 where the 78.6% Fibonacci line is located.
Fundamentals: There are no major news.
Type: Bearish Momentum
Resistance: 672.50
Pivot: 677.25
Support: 661.50
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. Overnight price had bearish momentum downwards with price currently trading at 666.50 at time of writing. If this bearish momentum continues, expect price to possibly head towards the support line at 661.50 where the previous swing low and 100% Fibonacci lines are located.
Alternative scenario: Price may go back up and head towards the 1st resistance at 672.50 where the 78.6% Fibonacci line is located.
Fundamentals: There are no major news.