Type: Bullish BounceKey Levels:1st Resistance: 771’62nd resistance: 785’6Pivot: 760’2Support: 749’4Preferred Case:With price reaching the bottom of the trend channel and is expected to move within it, we have a bullish bias that price will rise from the pivot level at 760’2 in line with 78.6% Fibonacci projection and 161.8% Fibonacci extension , to the 1st resistance at 771’6 in line with 78.6% Fibonacci projection and 23.6% Fibonacci retracement , or the 2nd resistance at 785’6 in line with 78.6% Fibonacci retracement .Alternative Scenario:Price may break the pivot and drop to 1st support at 747’0 in line with 27.2% Fibonacci retracement .Fundamentals:Due to the Russian-Ukraine war, corn exports from Ukraine have been limited to only its neighbouring countries Poland and Romania, resulting in soaring prices of corn. Hence we have a bullish view on the index.
Source: Tickmill
