Corn Futures ( ZC1! ), H1 Potential for Bearish Reversal

corn-futures-(-zc1!-),-h1-potential-for-bearish-reversal

Type: Bearish ReversalKey Levels:Resistance: 778’0Pivot: 772’6Support: 762’0Preferred Case:We see the potential for a bearish reversal from our pivot at 772’6 in line with 61.8% Fibonacci retracement towards our 1st support at 762’0 in line with 78.6% Fibonacci retracement and 100% Fibonacci projection. Our bearish bias is supported by the stochastic indicator where price is trading at resistance level.Alternative Scenario:Alternatively, price may break our pivot structure and head for 1st resistance at 778’0 in line with 61.8% Fibonacci projection and 161.8% Fibonacci extension.Fundamentals:No major news

Source: Tickmill

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