Corn Futures ( ZC1! ), H4 Potential for Bullish Momentum
Title: Corn Futures ( ZC1! ), H4 Potential for Bullish Momentum
Type: Bullish Momentum
Resistance: 680.00
Pivot: 667.50
Support: 661.75
Preferred Case: On the H4, the overall price is bearish . In addition, the price is below the Ichimoku cloud , indicating a bear market. Price has broken through the Pivot at 667.4, which corresponds to the previous swing low. Price also rebounded from the first support and rose above the first pivot . Price may maintain its short-term bullish momentum and move towards the first resistance level at 680.0, where the 38.2% Fibonacci line is located.
Alternative scenario: The price could reverse and head back down to the first support level at 661.75, where the -27.2% Fibonacci expansion is located.
Fundamsentals: There is no major news.
Type: Bullish Momentum
Resistance: 680.00
Pivot: 667.50
Support: 661.75
Preferred Case: On the H4, the overall price is bearish . In addition, the price is below the Ichimoku cloud , indicating a bear market. Price has broken through the Pivot at 667.4, which corresponds to the previous swing low. Price also rebounded from the first support and rose above the first pivot . Price may maintain its short-term bullish momentum and move towards the first resistance level at 680.0, where the 38.2% Fibonacci line is located.
Alternative scenario: The price could reverse and head back down to the first support level at 661.75, where the -27.2% Fibonacci expansion is located.
Fundamsentals: There is no major news.
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