Midday update for Wheat price 28-01-2020

Wheat price returns to decline after retesting the broken support line of the bullish channel, noticing that stochastic provides negative overlapping signal that supports the chances of achieving more decline in the upcoming period, to continue suggesting the bearish trend on the intraday basis, noting that our main waited target is located at 542.00, while holding below 574.00 is required to continue the suggested bearish bias.

The expected trading range for today is between 550.00 support and 575.00 resistance.

The expected trend for today: Bearish