Corn Futures ( ZC1! ), H4 Potential for Bearish Momentum
Title: Corn Futures ( ZC1! ), H4 Potential for Bearish Momentum
Type: Bearish Momentum
Resistance: 698.4
Pivot: 661. 40
Support: 680. 40
Preferred case: Since September 28, 2022, corn prices have been rising. The price is above the Ichimoku cloud , indicating that the market is bullish . The price moved strongly upwards, approaching the first resistance level at 698.4, which contains two 100% Fibonacci lines. Price then bounced off it and closed below the first resistance level . If this retracement continues, price will fall towards the first support level at 680.4, which contains the 50%, 38.2%, and 61.8% Fibonacci lines.
Alternative scenario: Price may go back up retest the 1st resistance before heading down towards the first support level .
Fundamentals: There are no major news.
Type: Bearish Momentum
Resistance: 698.4
Pivot: 661. 40
Support: 680. 40
Preferred case: Since September 28, 2022, corn prices have been rising. The price is above the Ichimoku cloud , indicating that the market is bullish . The price moved strongly upwards, approaching the first resistance level at 698.4, which contains two 100% Fibonacci lines. Price then bounced off it and closed below the first resistance level . If this retracement continues, price will fall towards the first support level at 680.4, which contains the 50%, 38.2%, and 61.8% Fibonacci lines.
Alternative scenario: Price may go back up retest the 1st resistance before heading down towards the first support level .
Fundamentals: There are no major news.
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