Corn Futures ( ZC1! ), H1 Potential for Bearish Reversal
Type : Bearish Reversal
Resistance: 778'0
Pivot: 772'6
Support : 762'0
Preferred case: We see the potential for a bearish reversal from our pivot at 772'6 in line with 61.8% Fibonacci retracement towards our 1st support at 762'0 in line with 78.6% Fibonacci retracement and 100% Fibonacci projection. Our bearish bias is supported by the stochastic indicator where price is trading at resistance level.
Alternative scenario: Alternatively, price may break our pivot structure and head for 1st resistance at 778'0 in line with 61.8% Fibonacci projection and 161.8% Fibonacci extension.
Fundamentals: No major news
Resistance: 778'0
Pivot: 772'6
Support : 762'0
Preferred case: We see the potential for a bearish reversal from our pivot at 772'6 in line with 61.8% Fibonacci retracement towards our 1st support at 762'0 in line with 78.6% Fibonacci retracement and 100% Fibonacci projection. Our bearish bias is supported by the stochastic indicator where price is trading at resistance level.
Alternative scenario: Alternatively, price may break our pivot structure and head for 1st resistance at 778'0 in line with 61.8% Fibonacci projection and 161.8% Fibonacci extension.
Fundamentals: No major news