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Dec 8, 2022 7:35 AM

Corn Futures ( ZC1! ), H4 Potential for Bearish Continuation Short

Corn FuturesCBOT

Description

Title: Corn Futures ( ZC1! ), H4 Potential for Bearish Continuation
Type: Bearish Continuation
Resistance: 673.75
Pivot: 632.00
Support: 586.00

Preferred case: Looking at the H4 chart, my overall bias for ZC1! is bearish due to the current price below the Ichimoku cloud , indicating a bearish market. If this bearish momentum continues, expect price to head towards the pivot at 586.00 where the 50% Fibonacci line is located.

Alternative scenario: Price may go back up and head towards the resistance at 673.75, where the 50% Fibonacci line is located.

Fundamentals: There are no major news.
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