Wheat price achieves more negative targets – Analysis - 11-05-2021

Wheat price surpassed our waited negative target at 737.50 to touch 23.6% Fibonacci correction level at 726.80, facing contradiction between the technical factors now, which makes us prefer staying neutral until we get clearer signal for the next trend, through monitoring the price behavior according to the last level.

Note that the continuation of the negative pressure and breaking 726.80 will open the way to achieve additional bearish correction that targets 700.00 on the near term basis, while consolidating against the negative pressure will lead the price to resume the main bullish trend that its targets start at 758.00 and extend to 800.00.

The expected trading range for today is between 710.00 support and 750.00 resistance.

The expected trend for today: Neutral