Chart shows approx 50% retracement, atm, from the May low of...

Chart shows approx 50% retracement, atm, from the May low of $3.13 to the September high of $4.57. (50% = $3.85)

It is well documented that the east coast harvest in Vic & NSW will be well above average so GNC grain deliveries will be strong. The question unanswered to date is can GNC sell off all of this grain at a profitable margin? Because of the bumper season they have to pay their insurer $70M out of profits so that figure comes off the bottom line.

GNC might play out like a gold explorer. IE:- Assay results come in for the gold explorer showing extensive mineralisation so the S.P. explodes. If not set prior to the announcement then it is a fair bet you will miss most of that S.P. run. SO if GNC does announce to the market that it has secured forward grain sales in volume then the S.P. might take off.

General market weakness is not helping the stock atm either. GNC moves around a fair bit on low volume on a daily basis and is in a down trend atm as evidenced by the chart below. Fibonacci traders would have worked out likely support zones. There may not be a dividend until June 2021. Once again we will have to wait to see what is announced along those lines. Easy to see why Norges Bank trade it.