Corn Futures (ZC1!) H1 | Potential Bullish Reversal off 61.8% Fibonacci Support
Corn Futures (ZC1!) H1 | Potential Bullish Reversal off 61.8% Fibonacci Support
Type:
Bullish Reversal
Key Levels:
Resistance: 425'2
Pivot: 419'0
Support: 414'4
Preferred Case:
Looking at the H1 chart, the price is trading close to a pullback support where it could stabilize before reversing to bounce higher. The bullish momentum could cause the price to rise towards the 1st Resistance at 425'2.
Alternative Scenario:
Price may break below the Pivot at 419'0 and fall towards the 1st Support at 414'4.
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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.