Title: Corn Futures ( ZC1! ), H4 Potential for Bearish Drop Type: Bearish Drop Resistance: 688.50 Pivot: 673.00 Support: 648.25
Preferred case: Looking at the H4 chart, my overall bias for ZC1! is bearish due to the current price crossing below the Ichimoku cloud, indicating a bearish market. To add confluence to this bias, price is also within a descending channel. If this bearish momentum continues, expect price to possibly retest the pivot at 673.00 where the overlap resistance and 50% Fibonacci line is before heading towards the support at 648.25, where the previous swing low is.
Alternative scenario: Price may head back up to retest the resistance at 688.50 where the recent high is located.