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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