Corn Futures ( ZC1! ), H4 Potential for Bearish Drop
Title: Corn Futures ( ZC1! ), H4 Potential for Bearish Drop
Type: Bearish Drop
Resistance: 671.75
Pivot: 660.00
Support: 636.00
Preferred case: Looking at the H4 chart, my overall bias for ZC1! is bearish due to the current price being below the Ichimoku cloud , indicating a bearish market. If this bearish momentum continues, expect price to possibly continue heading towards the support at 636.00, where the previous swing low is.
Alternative scenario: Price may head back up to retest the pivot at 660.00 where the 50% Fibonacci line is.
Fundamentals: There are no major news.
Type: Bearish Drop
Resistance: 671.75
Pivot: 660.00
Support: 636.00
Preferred case: Looking at the H4 chart, my overall bias for ZC1! is bearish due to the current price being below the Ichimoku cloud , indicating a bearish market. If this bearish momentum continues, expect price to possibly continue heading towards the support at 636.00, where the previous swing low is.
Alternative scenario: Price may head back up to retest the pivot at 660.00 where the 50% Fibonacci line is.
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