Corn Futures ( ZC1!), H4 Potential for Bearish Momentum
Title: Corn Futures ( ZC1! ), H4 Potential for Bearish Momentum
Type: Bearish Momentum
Resistance: 699.50
Pivot: 706.50
Support: 675.00
Preferred case: On the H4 chart, we have a bearish bias. To add confluence to this, price is under the Ichimoku cloud which indicates a bearish market. Overnight price had bearish momentum downwards with price currently trading at 682.75 at time of writing. If this bearish momentum continues, expect price to possibly head towards the support line at 675.00 where the 78.6% Fibonacci projection line and 0% Fibonacci lines are located.
Alternative scenario: Price may go back up and head towards the 1st resistance at 699.50 where the 78.6% and 23.6% Fibonacci lines are located.
Fundamentals: There are no major news.
Type: Bearish Momentum
Resistance: 699.50
Pivot: 706.50
Support: 675.00
Preferred case: On the H4 chart, we have a bearish bias. To add confluence to this, price is under the Ichimoku cloud which indicates a bearish market. Overnight price had bearish momentum downwards with price currently trading at 682.75 at time of writing. If this bearish momentum continues, expect price to possibly head towards the support line at 675.00 where the 78.6% Fibonacci projection line and 0% Fibonacci lines are located.
Alternative scenario: Price may go back up and head towards the 1st resistance at 699.50 where the 78.6% and 23.6% Fibonacci lines are located.
Fundamentals: There are no major news.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results