Corn Futures (ZC1! ), H1 Potential for Bearish Momentum
Type: Bearish Momentum
Resistance: 814'4
Pivot: 807'4
Support: 795'4
Preferred case: We see the potential for a bearish dip from our pivot level at 807'4 in line with 38.2% Fibonacci retracement towards our 1st support level at 795'4 in line with 50% Fibonacci retracement, 61.8% Fibonacci projection and -27.2% Fibonacci expansion.
Alternative scenario: Alternatively, price might break our pivot structure and head for 1st resistance level at 814'4 in line with 78.6% Fibonacci retracement.
Fundamentals: No major news.
Resistance: 814'4
Pivot: 807'4
Support: 795'4
Preferred case: We see the potential for a bearish dip from our pivot level at 807'4 in line with 38.2% Fibonacci retracement towards our 1st support level at 795'4 in line with 50% Fibonacci retracement, 61.8% Fibonacci projection and -27.2% Fibonacci expansion.
Alternative scenario: Alternatively, price might break our pivot structure and head for 1st resistance level at 814'4 in line with 78.6% Fibonacci retracement.
Fundamentals: No major news.