Corn Futures ( ZC1! ), H4 Potential for Bullish Momentum
Title: Corn Futures ( ZC1! ), H4 Potential for Bullish Momentum
Type: Bullish Momentum
Resistance: 6.900
Pivot: 667.50
Support: 6.310
Preferred Case: On the H4, the overall price is bearish. In addition, the price is below the Ichimoku cloud, indicating a bear market. Price attempted but failed to break through the Pivot at 667.500 overnight. Price could potentially reverse up to the first resistance level at 6.900, where the 38.2% Fibonacci line is located.
Alternative scenario: If bearish momentum persists, expect price to continue falling towards the first support level at 6.310, where the larger 78.6% Fibonacci line is located.
Fundamentals: There is no major news.
Type: Bullish Momentum
Resistance: 6.900
Pivot: 667.50
Support: 6.310
Preferred Case: On the H4, the overall price is bearish. In addition, the price is below the Ichimoku cloud, indicating a bear market. Price attempted but failed to break through the Pivot at 667.500 overnight. Price could potentially reverse up to the first resistance level at 6.900, where the 38.2% Fibonacci line is located.
Alternative scenario: If bearish momentum persists, expect price to continue falling towards the first support level at 6.310, where the larger 78.6% Fibonacci line is located.
Fundamentals: There is no major news.