Corn Futures (ZC1!) H1 | Overlap Support at 50% Fibonacci Retracement
Corn Futures (ZC1!) H1 | Overlap Support at 50% Fibonacci Retracement
Type:
Bullish Bounce
Key Levels:
Resistance: 431'4
Pivot: 425'0
Support: 422'2
Preferred Case:
Looking at the H1 chart, the price is falling towards the pivot where the bullish momentum could cause the price to bounce off this level to rise towards the 1st Resistance at 431'4.
Alternative Scenario:
Price may break under the Pivot at 425'0 and fall towards the 1st Support at 422'2.
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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.