Corn Futures (ZC1!), H1 Potential for Bearish Dip!
Type: Bearish Dip
Resistance : 754'6
Pivot: 747'0
Support : 733'0
Preferred case: We see the potential bearish dip from our Pivot at 747'0 in line 38.2% Fibonacci retracement towards our 1st support at 733'0 in line with the horizontal swing low support. Our bearish bias is further supported by how price is expected to reverse off the ichimoku cloud resistance.
Alternative scenario: Price might move towards the 1st resistance level of 754'6 in line with 61.8% Fibonacci retracement .
Fundamentals: No major news.
Resistance : 754'6
Pivot: 747'0
Support : 733'0
Preferred case: We see the potential bearish dip from our Pivot at 747'0 in line 38.2% Fibonacci retracement towards our 1st support at 733'0 in line with the horizontal swing low support. Our bearish bias is further supported by how price is expected to reverse off the ichimoku cloud resistance.
Alternative scenario: Price might move towards the 1st resistance level of 754'6 in line with 61.8% Fibonacci retracement .
Fundamentals: No major news.