Title: Corn Futures ( ZC1!), H4 Potential for Bearish Momentum
Type: Bearish Momentum
Resistance: 699.50
Pivot: 687.75
Support: 672.50
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 672.50 where the swing low is located.
Alternative scenario: Price may rise back up and head towards the pivot at 687.75, where the 38.2% Fibonacci line is located.
Fundamentals: There are no major news.
Type: Bearish Momentum
Resistance: 699.50
Pivot: 687.75
Support: 672.50
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 672.50 where the swing low is located.
Alternative scenario: Price may rise back up and head towards the pivot at 687.75, where the 38.2% Fibonacci line is located.
Fundamentals: There are no major news.