Wheat price approaches the target – Analysis - 04-03-2021

Wheat price provided additional negative trades yesterday to approach our waited negative target at 644.20, but it begins today with bullish bias to test the intraday bearish channel’s resistance that appears on the chart, affected by stochastic positivity, waiting to resume the bearish trend that gets continuous support by the EMA50 to test the mentioned level initially.

On the other hand, we should note that breaching 662.50 will stop the expected decline and leads the price to turn to rise.

The expected trading range for today is between 645.00 support and 665.00 resistance.

The expected trend for today: Bearish