Wheat price achieves strong gains – Analysis - 05-06-2020

Wheat price rallied upwards strongly yesterday to breach 520.30 level and settles above it, which stops the recently suggested negative scenario and leads the price to achieve more rise in the upcoming period, on its way to visit 536.80 level as a next positive station.

Therefore, the bullish bias will be suggested for today unless breaking 520.30 level and holding below it again, noting that surpassing the suggested target will extend the bullish wave to reach 557.30 areas on the near term basis.

The expected trading range for today is between 520.00 support and 536.80 resistance.

The expected trend for today: Bullish