Corn Futures ( ZC1! ), H4 Potential for Bullish Momentum
Title: Corn Futures ( ZC1! ), H4 Potential for Bullish Momentum
Type: Bullish Momentum
Resistance: 698.00
Pivot: 661.40
Support: 661.50
Preferred Case: Corn has been rising since September 28, 2022. The price is above the ichimoku cloud, adding to the bullish market bias. Price is currently consolidating along the 50% and 38.2% Fibonacci lines, which mark the first support level at 680.4. If the bullish momentum continues, price may move towards the first resistance level at 698.0, which contains two 100% Fibonacci lines.
Alternative scenario: Price may break through the first support and continue to fall towards 661.4, the pivot point and previous swing low.
Fundamentals: There are no major news.
Type: Bullish Momentum
Resistance: 698.00
Pivot: 661.40
Support: 661.50
Preferred Case: Corn has been rising since September 28, 2022. The price is above the ichimoku cloud, adding to the bullish market bias. Price is currently consolidating along the 50% and 38.2% Fibonacci lines, which mark the first support level at 680.4. If the bullish momentum continues, price may move towards the first resistance level at 698.0, which contains two 100% Fibonacci lines.
Alternative scenario: Price may break through the first support and continue to fall towards 661.4, the pivot point and previous swing low.
Fundamentals: There are no major news.