Corn FUTURES (ZC1!), H4 Potential for Bearish Drop
Type : Bearish Drop
Resistance : 686'6
Pivot: 673'6
Support : 654'4
Preferred Case: On the H4, with there's a bearish divergence of price and MACD, and there's potential double top pattern, we have a bearish bias that price may drop from the pivot at 673'6, where the 61.8% fibonacci projection is to the take profit at 654'4, which is in line with the 23.6% fibonacci retracement and neckline of "double top" pattern.
Alternative scenario: Alternatively, price could rise to 1st resistance at 688'6 where the swing high is.
Fundamentals: No Major News
Resistance : 686'6
Pivot: 673'6
Support : 654'4
Preferred Case: On the H4, with there's a bearish divergence of price and MACD, and there's potential double top pattern, we have a bearish bias that price may drop from the pivot at 673'6, where the 61.8% fibonacci projection is to the take profit at 654'4, which is in line with the 23.6% fibonacci retracement and neckline of "double top" pattern.
Alternative scenario: Alternatively, price could rise to 1st resistance at 688'6 where the swing high is.
Fundamentals: No Major News