Corn Futures ( ZC1! ), H4 Potential for Bullish Momentum
Title: Corn Futures ( ZC1! ), H4 Potential for Bullish Momentum
Type: Bullish Momentum
Resistance: 698.50
Pivot: 661.20
Support: 680.25
Preferred case: On the H4 chart, we have a bullish bias. Overnight price had a small bearish retracement downwards. However, if this overall bullish momentum continues, expect price to continue bullish and head towards the 1st resistance at 698.50 where the previous high and 2 x 100% Fibonacci lines are located.
Alternative scenario: Price may go back down and close below the 1st support line at 680.25 where the 50% and 38.2% Fibonacci lines are located, and head towards the pivot at 661.50, where the previous swing low is located.
Fundamentals: There are no major news.
Type: Bullish Momentum
Resistance: 698.50
Pivot: 661.20
Support: 680.25
Preferred case: On the H4 chart, we have a bullish bias. Overnight price had a small bearish retracement downwards. However, if this overall bullish momentum continues, expect price to continue bullish and head towards the 1st resistance at 698.50 where the previous high and 2 x 100% Fibonacci lines are located.
Alternative scenario: Price may go back down and close below the 1st support line at 680.25 where the 50% and 38.2% Fibonacci lines are located, and head towards the pivot at 661.50, where the previous swing low is located.
Fundamentals: There are no major news.