Corn Futures ( ZC1! ), H4 Potential for Bullish Momentum
Title: Corn Futures ( ZC1! ), H4 Potential for Bullish Momentum
Type: Bullish Momentum
Resistance: 698.00
Pivot: 661. 40
Support: 661.50
Preferred Case: Corn has been on a bullish trend since September 28, 2022. Price is above the ichimoku cloud , which denotes a bullish market, adding to this confluence. Price reversed course through the first support level at 680.4, which is marked by the 50% and 38.2% Fibonacci lines. Expect price to continue moving upwards approaching the first barrier at 698.0, which is where two of the 100% Fibonacci lines are situated, if this bullish momentum persists.
Alternative scenario: The first support, at 680.4, may be where corn reverses back down. Price may then continue to fall toward the pivot point and prior swing low at 661.4 from there.
Fundamentals: There are no major news.
Type: Bullish Momentum
Resistance: 698.00
Pivot: 661. 40
Support: 661.50
Preferred Case: Corn has been on a bullish trend since September 28, 2022. Price is above the ichimoku cloud , which denotes a bullish market, adding to this confluence. Price reversed course through the first support level at 680.4, which is marked by the 50% and 38.2% Fibonacci lines. Expect price to continue moving upwards approaching the first barrier at 698.0, which is where two of the 100% Fibonacci lines are situated, if this bullish momentum persists.
Alternative scenario: The first support, at 680.4, may be where corn reverses back down. Price may then continue to fall toward the pivot point and prior swing low at 661.4 from there.
Fundamentals: There are no major news.
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