Corn Futures ( ZC1! ), H4 Potential for Bullish Rise
Title: Corn Futures ( ZC1! ), H4 Potential for Bullish Rise
Type: Bullish Rise
Resistance: 710.4
Pivot: 699.4
Support: 679.25
Preferred Case: On the H4, the price has came back down to test the 1st support at 679.25 and has reflected off it. Price has also went back above the Ichimoku cloud which indicates a bullish bias. Looking for price to continue bullish to hit the first resistance at 710.4 where the -27.2% Fibonacci expansion lies.
Alternative scenario: Alternatively, the price could drop down below the first support and head towards the second support at 668.25, where the 78.6% Fibonacci retracement line and previous swing low lies.
Fundamentals: No major news.
Type: Bullish Rise
Resistance: 710.4
Pivot: 699.4
Support: 679.25
Preferred Case: On the H4, the price has came back down to test the 1st support at 679.25 and has reflected off it. Price has also went back above the Ichimoku cloud which indicates a bullish bias. Looking for price to continue bullish to hit the first resistance at 710.4 where the -27.2% Fibonacci expansion lies.
Alternative scenario: Alternatively, the price could drop down below the first support and head towards the second support at 668.25, where the 78.6% Fibonacci retracement line and previous swing low lies.
Fundamentals: 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