Title: Corn Futures ( ZC1! ), H4 Potential for Bearish Momentum
Type: Bearish Momentum
Resistance: 691.0
Pivot: 661.40
Support: 675.60
Preferred Case: The overall price on the H4 is bullish. Furthermore, the price is above the Ichimoku cloud, indicating that the market is bullish. Price attempted but failed to breach the first resistance level at 691.00. Price responded with a massive rejection wick. Price could potentially reverse back down to the first support level at 675.6, which also happens to be the 61.8% Fibonacci retracement line.
Alternative scenario: If bullish momentum continues, expect price to move towards 705.6, which contains the -27.2% Fibonacci expansion line and the 127.2% Fibonacci extension line.
Fundamentals: There are no major news.
Type: Bearish Momentum
Resistance: 691.0
Pivot: 661.40
Support: 675.60
Preferred Case: The overall price on the H4 is bullish. Furthermore, the price is above the Ichimoku cloud, indicating that the market is bullish. Price attempted but failed to breach the first resistance level at 691.00. Price responded with a massive rejection wick. Price could potentially reverse back down to the first support level at 675.6, which also happens to be the 61.8% Fibonacci retracement line.
Alternative scenario: If bullish momentum continues, expect price to move towards 705.6, which contains the -27.2% Fibonacci expansion line and the 127.2% Fibonacci extension line.
Fundamentals: There are no major news.