Corn Futures ( ZC1! ), H4 Potential for Bearish Drop
Title: Corn Futures ( ZC1! ), H4 Potential for Bearish Drop
Type: Bearish Drop
Resistance: 673.75
Pivot: 651.25
Support: 638.25
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. If this bearish momentum continues, expect price to continue heading towards the support at 638.25, where the -27.2% Fibonacci expansion line and recent low are located.
Alternative scenario: Price may head back up to retest the pivot at 651.25 where the previous swing low is.
Fundamentals: There are no major news.
Type: Bearish Drop
Resistance: 673.75
Pivot: 651.25
Support: 638.25
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. If this bearish momentum continues, expect price to continue heading towards the support at 638.25, where the -27.2% Fibonacci expansion line and recent low are located.
Alternative scenario: Price may head back up to retest the pivot at 651.25 where the previous swing low is.
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.