Corn Futures ( ZC1! ), H4 Potential for Bullish Momentum
Title: Corn Futures ( ZC1! ), H4 Potential for Bullish Momentum
Type: Bullish Momentum
Resistance: 696.25
Pivot: 661.40
Support: 680.50
Corn prices have been climbing since September 28, 2022. The price is above the Ichimoku cloud, which adds to the market's bullish bias. The price is currently consolidating along the 50% and 38.2% Fibonacci lines, which correspond to the first support level at 680.4. Corn has been rising with a strong bullish trend since last Friday. Corn is now trading at 688.4. If the bullish momentum continues, price will go towards the first resistance level at 696.2, which contains the 0% Fibonacci line and two of the 100% Fibonacci lines.
Alternative scenario: Price may retest the first support and go to the pivot at 661.4, which contains the 100% Fibonacci line and the last swing low.
Fundamentals: There are no major news.
Type: Bullish Momentum
Resistance: 696.25
Pivot: 661.40
Support: 680.50
Corn prices have been climbing since September 28, 2022. The price is above the Ichimoku cloud, which adds to the market's bullish bias. The price is currently consolidating along the 50% and 38.2% Fibonacci lines, which correspond to the first support level at 680.4. Corn has been rising with a strong bullish trend since last Friday. Corn is now trading at 688.4. If the bullish momentum continues, price will go towards the first resistance level at 696.2, which contains the 0% Fibonacci line and two of the 100% Fibonacci lines.
Alternative scenario: Price may retest the first support and go to the pivot at 661.4, which contains the 100% Fibonacci line and the last swing low.
Fundamentals: There are no major news.