Corn Futures (ZL1!), H1 Potential for Bearish Continuation
Type : Bearish Continuation
Resistance: 794'0
Pivot: 790'0
Support : 783'4
Preferred case: With price expected to reverse off the resistance of the ichimoku cloud, we see a potential bearish continuation from our pivot level which is in line with 23.6% Fibonacci retracement and horizontal pullback resistance towards our 1st support level of in line with the horizontal swing low support and 161.8% Fibonacci extension.
Alternative scenario: Alternatively, price may break our pivot structure and head for 1st resistance in line with the 38.2% Fibonacci retracement and horizontal pullback resistance.
Fundamentals: No major news.
Resistance: 794'0
Pivot: 790'0
Support : 783'4
Preferred case: With price expected to reverse off the resistance of the ichimoku cloud, we see a potential bearish continuation from our pivot level which is in line with 23.6% Fibonacci retracement and horizontal pullback resistance towards our 1st support level of in line with the horizontal swing low support and 161.8% Fibonacci extension.
Alternative scenario: Alternatively, price may break our pivot structure and head for 1st resistance in line with the 38.2% Fibonacci retracement and horizontal pullback resistance.
Fundamentals: No major news.