Corn Futures (ZC1!) H4 | Potential Bullish Bounce?
Type:
Bullish Reversal
Key Levels:
Resistance: 449’0
Pivot: 434’6
Support: 421’4
Preferred Case:
Looking at the H4 chart, the price is falling toward pullback support and stabilizes around this level before reversing toward the 1st resistance at 449’0
Alternative Scenario:
Price may break below the Pivot at 434’6 close to the 50% Fibonacci retracement and fall towards the 1st support at 421’4 close to the 78.6% Fibonacci retracement.
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.