Title: Corn Futures (ZC1!), H4 Potential for Bullish Rise
Type: Bullish Rise
Resistance: 710.4
Pivot: 699.4
Support: 679.25
Preferred Case: On the H4, the price has bounced off the second support at 668.25 which is at the 78.6% Fibonacci retracement line, and went above the first support at 679.25. Price has also gone above the Ichimoku cloud which indicates a bullish bias. Looking for price to continue bullish to hit the first resistance at 710.4 where the -27.2% Fibonacci expansion lies.
Alternative scenario: Alternatively, the price could bounce back down from the pivot structure and drop to first support to 679.25, where the 50% Fibonacci retracement line sits
Fundamentals: No major news.
Type: Bullish Rise
Resistance: 710.4
Pivot: 699.4
Support: 679.25
Preferred Case: On the H4, the price has bounced off the second support at 668.25 which is at the 78.6% Fibonacci retracement line, and went above the first support at 679.25. Price has also gone above the Ichimoku cloud which indicates a bullish bias. Looking for price to continue bullish to hit the first resistance at 710.4 where the -27.2% Fibonacci expansion lies.
Alternative scenario: Alternatively, the price could bounce back down from the pivot structure and drop to first support to 679.25, where the 50% Fibonacci retracement line sits
Fundamentals: No major news.