Corn Mini Futures ( XC1!), H4 Potential for Bearish Momentum
Title: Corn Mini Futures ( XC1!), H4 Potential for Bearish Momentum
Type: Bearish Momentum
Resistance: 699.3
Pivot: 661.20
Support: 654.20
Preferred case: On the H4 chart, price has tested the 1st resistance line at 699.3 multiple times where the 20% and 78.6% Fibonacci lines are located. Price then retraced downwards with price under the Ichimoku cloud which indicates a bearish market. Expecting price to continue bearish and head towards the pivot at 661.2 where the previous low, 100% Fibonacci line and 78.6% Fibonacci projection lines are located.
Alternative scenario: Price may go back up and close above the 1st resistance level.
Fundamentals: There are no major news.
Type: Bearish Momentum
Resistance: 699.3
Pivot: 661.20
Support: 654.20
Preferred case: On the H4 chart, price has tested the 1st resistance line at 699.3 multiple times where the 20% and 78.6% Fibonacci lines are located. Price then retraced downwards with price under the Ichimoku cloud which indicates a bearish market. Expecting price to continue bearish and head towards the pivot at 661.2 where the previous low, 100% Fibonacci line and 78.6% Fibonacci projection lines are located.
Alternative scenario: Price may go back up and close above the 1st resistance level.
Fundamentals: There are no major news.