Corn Futures ( ZC1! ), H1 Potential for Bearish Continuation
Type : Bearish Continuation
Resistance : 785'4
Pivot: 777'0
Support : 767'2
Preferred Case: With the ichimoku indicating some bearish momentum, we have a bearish bias that price will drop to our 1st support in line with the 78.6% Fibonacci retracement and horizontal pullback support from our pivot of 767'2 in line with the horizontal pullback support from our pivot of 777'0 in line with the 50% Fibonacci retracement and horizontal overlap resistance.
Alternative scenario: Alternatively, price may break pivot structure and head for 1st resistance in line with the overlap resistance and 38.2% Fibonacci retracement.
Fundamentals: No Major News
Resistance : 785'4
Pivot: 777'0
Support : 767'2
Preferred Case: With the ichimoku indicating some bearish momentum, we have a bearish bias that price will drop to our 1st support in line with the 78.6% Fibonacci retracement and horizontal pullback support from our pivot of 767'2 in line with the horizontal pullback support from our pivot of 777'0 in line with the 50% Fibonacci retracement and horizontal overlap resistance.
Alternative scenario: Alternatively, price may break pivot structure and head for 1st resistance in line with the overlap resistance and 38.2% Fibonacci retracement.
Fundamentals: No Major News