Type:
Bearish Drop
Key Levels:
Resistance: 681.75
Pivot: 688.00
Support: 668.25
Preferred Case:
On the H4, with the price reflecting off the 61.8% Fibonacci retracement line and the price being inside ichimoku cloud, we have a neutral bias on corn. price could back to 668.25 where the previous swing low is.
Alternative Scenario:
Alternatively, price might go back up towards the pivot line at 688.00
Fundamentals:
Top farming and food firms could lose up to a quarter of their value by 2030 if they do not adapt to new government policies and consumer behavior tied to climate change, United Nations-affiliated campaigners said in a new report. (Farm and food investors face $150 bln loss on climate change)
Source: Tickmill
