Corn Futures ( ZC1! ), H4 Potential for Bearish Momentum
Title: Corn Futures ( ZC1! ), H4 Potential for Bearish Momentum
Type: Bearish Momentum
Resistance: 698.50
Pivot: 667.50
Support: 679.25
Preferred Case: Price has reflected off the first support level at 698.50 on the H4 and appears to be descending again to test it. watch for the price to cross the first support level and go toward the pivot at 667.50, which is where the previous swing low lies. The chart appears to be constructing a double top with equal highs along the first resistance, which adds another confluence to this bias.
Alternative scenario: Alternatively, the price may bounce off the first support and continue moving back up toward the first resistance.
Fundamentals: No major news.
Type: Bearish Momentum
Resistance: 698.50
Pivot: 667.50
Support: 679.25
Preferred Case: Price has reflected off the first support level at 698.50 on the H4 and appears to be descending again to test it. watch for the price to cross the first support level and go toward the pivot at 667.50, which is where the previous swing low lies. The chart appears to be constructing a double top with equal highs along the first resistance, which adds another confluence to this bias.
Alternative scenario: Alternatively, the price may bounce off the first support and continue moving back up toward the first resistance.
Fundamentals: No major news.