Corn Futures ( ZC1! ), H4 Potential for Bearish Drop
Title: Corn Futures ( ZC1! ), H4 Potential for Bearish Drop
Type: Bearish Drop
Resistance: 673.75
Pivot: 651.25
Support: 638.25
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 continue heading towards the support at 638.25, where the -27.2% Fibonacci expansion line and recent low are located.
Alternative scenario: Price may head back up to retest the pivot at 651.25 where the previous swing low is.
Fundamentals: There are no major news.
Type: Bearish Drop
Resistance: 673.75
Pivot: 651.25
Support: 638.25
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 continue heading towards the support at 638.25, where the -27.2% Fibonacci expansion line and recent low are located.
Alternative scenario: Price may head back up to retest the pivot at 651.25 where the previous swing low is.
Fundamentals: There are no major news.