Corn Future (ZC1!), H1 Potential for Bearish Continuation
Type : Bearish Continuation
Resistance: 807'4
Pivot: 800'2
Support : 789'6
Preferred case: With price moving below the ichimoku cloud and the descending channel, we see a potential bearish continuation from our pivot level of 800'2 which is in line with 38.2% Fibonacci retracement and horizontal overlap resistance towards our 1st support level of 789'6 which is in line with the horizontal pullback support and 61.8% Fibonacci retracement.
Alternative scenario: Alternatively, price may break our pivot structure and head for 1st resistance level of 807'4 in line with 61.8% Fibonacci retracement and horizontal pullback resistance.
Fundamentals: No major news.
Resistance: 807'4
Pivot: 800'2
Support : 789'6
Preferred case: With price moving below the ichimoku cloud and the descending channel, we see a potential bearish continuation from our pivot level of 800'2 which is in line with 38.2% Fibonacci retracement and horizontal overlap resistance towards our 1st support level of 789'6 which is in line with the horizontal pullback support and 61.8% Fibonacci retracement.
Alternative scenario: Alternatively, price may break our pivot structure and head for 1st resistance level of 807'4 in line with 61.8% Fibonacci retracement and horizontal pullback resistance.
Fundamentals: No major news.