Type : Bullish Rise
Resistance : 800'0
Pivot: 782'2
Support : 770'6
Preferred Case: On the H1, price is moving above the ichimoku cloud and within the ascending channel which supports our bullish bias that price will rise from the pivot at 782'2 where the overlap support, 78.6% fibonacci projection and 50% fibonacci retracement are to the 1st resistance at 800'0 in line with the swing high resistance.
Alternative scenario: Alternatively, price may break pivot structure and drop to the 1st support at 770'6 in line with the overlap support and 78.6% fibonacci retracement .
Fundamentals: Since both countries, Russia and Ukraine, are major exporter of agriculture goods and their persistent war will lead to a shortage of agricultural goods and give us a bullish bias for corn .
Resistance : 800'0
Pivot: 782'2
Support : 770'6
Preferred Case: On the H1, price is moving above the ichimoku cloud and within the ascending channel which supports our bullish bias that price will rise from the pivot at 782'2 where the overlap support, 78.6% fibonacci projection and 50% fibonacci retracement are to the 1st resistance at 800'0 in line with the swing high resistance.
Alternative scenario: Alternatively, price may break pivot structure and drop to the 1st support at 770'6 in line with the overlap support and 78.6% fibonacci retracement .
Fundamentals: Since both countries, Russia and Ukraine, are major exporter of agriculture goods and their persistent war will lead to a shortage of agricultural goods and give us a bullish bias for corn .
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results