Wheat price achieves initial breach – Analysis - 09-08-2022

Wheat price achieved initial breach to the bearish channel’s resistance at 796.00 and attempts to hold above it, which urges caution from the upcoming trading, as confirming the breach will stop the recently suggested negative scenario and lead the price to start bullish wave that targets visiting 850.00 followed by 885.50 levels mainly.

Therefore, we prefer to stay aside until the price confirms its situation according to 796.00 level, noting that trading below it again will reactivate the bearish wave that its next main target located at 744.40.

The expected trading range for today is between 780.00 support and 825.00 resistance.

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The expected trend for today: Neutral