Wheat price approaches the first target – Analysis - 14-02-2020

Wheat price provided negative trades yesterday to approach our first waited target at 536.80, noting that the negative effect of the previously completed head and shoulders’ pattern still active, to support the chances of extending the bearish wave to surpass the mentioned level and open the way to target 530.00 followed by 520.30 levels as next main stations.

Therefore, the negative scenario will remain valid for the upcoming period unless breaching 557.30 level and holding above it.

The expected trading range for today is between 536.80 support and 550.00 resistance.

The expected trend for today: Bearish