Title: Corn Futures ( ZC1! ), H4 Potential for Bearish Momentum
Type: Bearish Momentum
Resistance: 679.25
Pivot: 667.50
Support: 660.00
Preferred Case: Overall price is bearish on the H4 with a retail double top formed. Price is also below the Ichimoku cloud which indicates a bear market. Price has broken through and closed the pivot at 667.4 where the previous swing low is. Expecting price to continue this bearish momentum and head towards the 1st support at 660.0 where the 127.2% Fibonacci extension line is.
Alternative scenario: Alternatively, the price may reflect off the pivot back up towards the 1st resistance
Fundamentals: No major news
Type: Bearish Momentum
Resistance: 679.25
Pivot: 667.50
Support: 660.00
Preferred Case: Overall price is bearish on the H4 with a retail double top formed. Price is also below the Ichimoku cloud which indicates a bear market. Price has broken through and closed the pivot at 667.4 where the previous swing low is. Expecting price to continue this bearish momentum and head towards the 1st support at 660.0 where the 127.2% Fibonacci extension line is.
Alternative scenario: Alternatively, the price may reflect off the pivot back up towards the 1st resistance
Fundamentals: No major news