Corn ( ZC1!) , H4 Potential bullish continuation
Type : Bullish continuation
Resistance : 793'6
Pivot: 719'4
Support : 659'0
Preferred Case: On the H4 chart, price is near our pivot of 719'0 in line with horizontal overlap support and 50% Fibonacci retracement . Price can potentially rise to our 1st resistance level at 782'4 in line with the 161.8% Fibonacci extension . Our bullish bias is supported by how price is moving above the ichimoku cloud .
Alternative scenario: Alternatively, price may head to our 1st support at 705'6 in line with the horizontal overlap support and 61.8% Fibonacci retracement.
Fundamentals: No major news event.
Resistance : 793'6
Pivot: 719'4
Support : 659'0
Preferred Case: On the H4 chart, price is near our pivot of 719'0 in line with horizontal overlap support and 50% Fibonacci retracement . Price can potentially rise to our 1st resistance level at 782'4 in line with the 161.8% Fibonacci extension . Our bullish bias is supported by how price is moving above the ichimoku cloud .
Alternative scenario: Alternatively, price may head to our 1st support at 705'6 in line with the horizontal overlap support and 61.8% Fibonacci retracement.
Fundamentals: No major news event.