Corn Futures ( ZC1! ), H4 Potential for Bullish Rise
Title: Corn Futures ( ZC1! ), H4 Potential for Bullish Rise
Type: Bullish Rise
Resistance: 673.75
Pivot: 651.25
Support: 638.25
Preferred case: Looking at the H4 chart, my overall bias for ZC1! is bullish due to the current price being above the Ichimoku cloud , indicating a bullish market. If this bullish momentum continues, expect price to possibly head towards the resistance at 673.75, where the 50% Fibonacci line is.
Alternative scenario: Price may head back down to break the pivot at 651.25 where the previous swing low is before heading towards the support at 638.25, where the -27.2% Fibonacci expansion line and recent low are located.
Fundamentals: There are no major news.
Type: Bullish Rise
Resistance: 673.75
Pivot: 651.25
Support: 638.25
Preferred case: Looking at the H4 chart, my overall bias for ZC1! is bullish due to the current price being above the Ichimoku cloud , indicating a bullish market. If this bullish momentum continues, expect price to possibly head towards the resistance at 673.75, where the 50% Fibonacci line is.
Alternative scenario: Price may head back down to break the pivot at 651.25 where the previous swing low is before heading towards the support at 638.25, where the -27.2% Fibonacci expansion line and recent low are located.
Fundamentals: There are no major news.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results