Corn FuturesShort
Corn Futures ( ZC1! ), H4 Potential for Bearish Drop
Title: Corn Futures ( ZC1! ), H4 Potential for Bearish Drop
Type: Bearish Drop
Resistance: 688.50
Pivot: 673.00
Support: 648.25
Preferred case: Looking at the H4 chart, my overall bias for ZC1! is bearish due to the current price crossing below the Ichimoku cloud, indicating a bearish market. To add confluence to this bias, price is also within a descending channel. If this bearish momentum continues, expect price to possibly retest the pivot at 673.00 where the overlap resistance and 50% Fibonacci line is before heading towards the support at 648.25, where the previous swing low is.
Alternative scenario: Price may head back up to retest the resistance at 688.50 where the recent high is located.
Fundamentals: There are no major news.
Type: Bearish Drop
Resistance: 688.50
Pivot: 673.00
Support: 648.25
Preferred case: Looking at the H4 chart, my overall bias for ZC1! is bearish due to the current price crossing below the Ichimoku cloud, indicating a bearish market. To add confluence to this bias, price is also within a descending channel. If this bearish momentum continues, expect price to possibly retest the pivot at 673.00 where the overlap resistance and 50% Fibonacci line is before heading towards the support at 648.25, where the previous swing low is.
Alternative scenario: Price may head back up to retest the resistance at 688.50 where the recent high is located.
Fundamentals: There are no major news.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.