Corn Futures ( ZC1! ), H4 Potential for Bearish Drop

Title: Corn Futures ( ZC1! ), H4 Potential for Bearish Drop
Type: Bearish Drop
Resistance: 688.50
Pivot: 673.00
Support: 648.25

Preferred case: Looking at the H4 chart, my overall bias for ZC1! is bearish due to the current price crossing below the Ichimoku cloud, indicating a bearish market. To add confluence to this bias, price is also within a descending channel. If this bearish momentum continues, expect price to possibly retest the pivot at 673.00 where the overlap resistance and 50% Fibonacci line is before heading towards the support at 648.25, where the previous swing low is.

Alternative scenario: Price may head back up to retest the resistance at 688.50 where the recent high is located.

Fundamentals: There are no major news.
Chart PatternsCommoditiescommodityCORNfuturesTechnical IndicatorsTrend AnalysisUSDCorn

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