Title: Corn Futures ( ZC1! ), H4 Potential for Bullish Momentum
Type: Bullish Momentum
Resistance: 715.25
Pivot: 706.50
Support: 675.00
Preferred case: On the H4 chart, we have a bullish bias. To add confluence to this, price is above the Ichimoku cloud which indicates a bullish market. Overnight price had bullish momentum upwards with price currently trading at 693.2 at time of writing. If this bullish momentum continues, expect price to possibly head towards the Pivot line at 706.4 where the previous high and 100% Fibonacci line are located.
Alternative scenario: Price may go back down to retest the support line at 675.00, where the 100% and 0% Fibonacci lines are located.
Fundamentals: There are no major news.
Type: Bullish Momentum
Resistance: 715.25
Pivot: 706.50
Support: 675.00
Preferred case: On the H4 chart, we have a bullish bias. To add confluence to this, price is above the Ichimoku cloud which indicates a bullish market. Overnight price had bullish momentum upwards with price currently trading at 693.2 at time of writing. If this bullish momentum continues, expect price to possibly head towards the Pivot line at 706.4 where the previous high and 100% Fibonacci line are located.
Alternative scenario: Price may go back down to retest the support line at 675.00, where the 100% and 0% Fibonacci lines 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