Tickmill

Corn Futures ( ZC1! ), H4 Potential for Bearish Momentum

CBOT:ZC1!   Corn Futures
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 resistance at 671.75, where the 38.2% Fibonacci line is located.

Fundamentals: There are no major news.

This analysis is provided as general market commentary and does not constitute investment advice.
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