Corn Futures (ZL1!), H1 Potential For Bearish Continuation

corn-futures-(zl1!),-h1-potential-for-bearish-continuation

Type: Bearish ContinuationKey Levels:Resistance: 794’0Pivot: 790’0Support: 783’4Preferred Case:With price expected to reverse off the resistance of the Ichimoku cloud, we see a potential bearish continuation from our pivot level which is in line with 23.6% Fibonacci retracement and horizontal pullback resistance towards our 1st support level of in line with the horizontal swing low support and 161.8% Fibonacci extension.Alternative Scenario:Alternatively, price may break our pivot structure and head for 1st resistance in line with the 38.2% Fibonacci retracement and horizontal pullback resistance.Fundamentals:No major news.

Source: Tickmill

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