Corn Futures ( ZC1! ), H4 Potential for Bearish Drop
Title: Corn Futures ( ZC1! ), H4 Potential for Bearish Drop
Type: Bearish Drop
Resistance: 688.50
Pivot: 673.00
Support: 648.25
Preferred case: Looking at the H4 chart, my overall bias for ZC1! is bearish due to the current price crossing below the Ichimoku cloud, indicating a bearish market. If this bearish momentum continues, expect price to possibly head towards the support at 648.25, where the previous swing low is.
Alternative scenario: Price may head back up to retest the resistance at 688.50 where the recent high is located.
Fundamentals: There are no major news.
Type: Bearish Drop
Resistance: 688.50
Pivot: 673.00
Support: 648.25
Preferred case: Looking at the H4 chart, my overall bias for ZC1! is bearish due to the current price crossing below the Ichimoku cloud, indicating a bearish market. If this bearish momentum continues, expect price to possibly head towards the support at 648.25, where the previous swing low is.
Alternative scenario: Price may head back up to retest the resistance at 688.50 where the recent high is located.
Fundamentals: There are no major news.