Corn Futures ( ZC1! ), H4 Potential for Bullish Momentum
Title: Corn Futures ( ZC1! ), H4 Potential for Bullish Momentum
Type: Bullish Momentum
Resistance: 706.50
Pivot: 661.40
Support: 698.50
Preferred case: Corn prices have been rising since September 28, 2022. The price is above the Ichimoku cloud, indicating a bullish market. Price hit and bounced off the second support level at 680.4, which contains the 50%, 38.2%, and 61.8% Fibonacci lines, overnight. Price has now closed above the first support level at 698.50, which contains two 100% Fibonacci lines and one 0% Fibonacci line. If the bullish momentum continues, price may return to the first resistance level at 706.50, where the -27.2% and -20% Fibonacci lines are located.
Alternative scenario: Price may revert to the second support level at 680.50.
Fundamentals: There are no major news.
Type: Bullish Momentum
Resistance: 706.50
Pivot: 661.40
Support: 698.50
Preferred case: Corn prices have been rising since September 28, 2022. The price is above the Ichimoku cloud, indicating a bullish market. Price hit and bounced off the second support level at 680.4, which contains the 50%, 38.2%, and 61.8% Fibonacci lines, overnight. Price has now closed above the first support level at 698.50, which contains two 100% Fibonacci lines and one 0% Fibonacci line. If the bullish momentum continues, price may return to the first resistance level at 706.50, where the -27.2% and -20% Fibonacci lines are located.
Alternative scenario: Price may revert to the second support level at 680.50.
Fundamentals: There are no major news.
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