Corn Futures ( ZC1! ), H4 Potential for Bearish Momentum
Title: Corn Futures ( ZC1! ), H4 Potential for Bearish Momentum
Type: Bearish Momentum
Resistance: 6.900
Pivot: 667.50
Support: 6.310
Preferred Case: Overall price is bearish on the H4. To add on confluence, the price is also below the Ichimoku cloud which indicates a bear market. Price has broken through the 1st resistance at 6.900 where the 161.8% and 127.2% Fibonacci extension lines are. If this bearish momentum continues, expect price to continue heading towards the 1st support at 6.310 where the larger 78.6% Fibonacci line lies.
Alternative scenario: Alternatively, the price may go back up through the 1st resistance and head towards the pivot at 7.630
Fundamentals: No major news
Type: Bearish Momentum
Resistance: 6.900
Pivot: 667.50
Support: 6.310
Preferred Case: Overall price is bearish on the H4. To add on confluence, the price is also below the Ichimoku cloud which indicates a bear market. Price has broken through the 1st resistance at 6.900 where the 161.8% and 127.2% Fibonacci extension lines are. If this bearish momentum continues, expect price to continue heading towards the 1st support at 6.310 where the larger 78.6% Fibonacci line lies.
Alternative scenario: Alternatively, the price may go back up through the 1st resistance and head towards the pivot at 7.630
Fundamentals: No major news
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