Corn Futures ( ZC1!), H4 Potential for Bearish Momentum
Title: Corn Futures ( ZC1!), H4 Potential for Bearish Momentum
Type: Bearish Momentum
Resistance: 680.25
Pivot: 661.20
Support: 674.00
Preferred case: On the H4 chart, we have a bearish bias. To add confirmation to this bias, price is under the ichimoku cloud which indicates a bearish market. Overnight price had a bearish momentum downwards and closed below the 1st resistance line at 680.25 where the 50% and 38.2% Fibonacci lines are located. Expecting price to continue bearish and head towards the 1st support at 674.00 where the 38.2% Fibonacci line is located.
Alternative scenario: Price may go back up to retest the 1st resistance level
Fundamentals: There are no major news.
Type: Bearish Momentum
Resistance: 680.25
Pivot: 661.20
Support: 674.00
Preferred case: On the H4 chart, we have a bearish bias. To add confirmation to this bias, price is under the ichimoku cloud which indicates a bearish market. Overnight price had a bearish momentum downwards and closed below the 1st resistance line at 680.25 where the 50% and 38.2% Fibonacci lines are located. Expecting price to continue bearish and head towards the 1st support at 674.00 where the 38.2% Fibonacci line is located.
Alternative scenario: Price may go back up to retest the 1st resistance level
Fundamentals: There are no major news.
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