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Dec 30, 2022 2:15 AM

Corn Futures ( ZC1! ), H4 Potential for Bullish Rise Long

Corn FuturesCBOT

Description

Title: Corn Futures ( ZC1! ), H4 Potential for Bullish Rise
Type: Bullish Rise
Resistance: 700.00
Pivot: 651.25
Support: 638.25

Preferred case: Looking at the H4 chart, my overall bias for ZC1! is bullish due to the current price being above the Ichimoku cloud, indicating a bullish market. If this bullish momentum continues, expect price to possibly head towards the resistance at 700.00, where the previous swing high is.

Alternative scenario: Price may head back down to retest the pivot at 651.25 where the 23.6% Fibonacci line and recent low are located.

Fundamentals: There are no major news.
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