Corn Futures ( ZC1! ), H4 Potential for Bearish Momentum
Title: Corn Futures ( ZC1! ), H4 Potential for Bearish Momentum
Type: Bearish Momentum
Resistance: 679.25
Pivot: 667.50
Support: 660.00
Preferred Case: Overall price is bearish on the H4 with a retail double top formed. Price has broken through the 1st resistance at 679.25 where the 61.8% Fibonacci line is. Price could possibly retrace back up towards 677.6 where the 38.2% Fibonacci line and 1st resistance lie before heading down, breaking the pivot at 667.5 and then moving towards 1st support at 660.00 where the 127.2% Fibonacci extension line is.
Alternative scenario: Alternatively, the price may continue heading down towards the pivot before bouncing back up towards the 1st resistance.
Fundamentals: No major news
Type: Bearish Momentum
Resistance: 679.25
Pivot: 667.50
Support: 660.00
Preferred Case: Overall price is bearish on the H4 with a retail double top formed. Price has broken through the 1st resistance at 679.25 where the 61.8% Fibonacci line is. Price could possibly retrace back up towards 677.6 where the 38.2% Fibonacci line and 1st resistance lie before heading down, breaking the pivot at 667.5 and then moving towards 1st support at 660.00 where the 127.2% Fibonacci extension line is.
Alternative scenario: Alternatively, the price may continue heading down towards the pivot before bouncing back up towards the 1st resistance.
Fundamentals: No major news