Corn Futures (ZC1!) H4 | Pullback Resistance at 50% Fibonacci Retracement
Corn Futures (ZC1!) H4 | Pullback Resistance at 50% Fibonacci Retracement
Type:
Bearish Reversal
Key Levels:
Resistance: 473’2
Pivot: 464’0
Support: 448’0
Preferred Case:
Looking at the H4 chart, the price could rise towards a pullback resistance and stall around this level before reversing to fall toward the 1st Support at 448’0. The presence of a red Ichimoku Cloud adds further significance to the strength of the bearish momentum.
Alternative Scenario:
Price may break above the Pivot at 464’0 and rise toward the 1st resistance at 473’2.
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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.