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Wheat price approaches the target – Analysis - 03-05-2023
Wheat price shows more bearish bias within the bearish channel that appears on the chart, to approach our first waited target at 600.00, waiting for more decline to achieve additional negative targets that reach 575.00.
Therefore, we will continue to suggested the bearish trend for the upcoming period, supported by the negative pressure formed by the EMA50, noting that breaching 620.00 will stop the suggested decline and lead the price to achieve some intraday bullish correction.
The expected trading range for today is between 595.00 support and 615.00 resistance.
The expected trend for today: Bearish
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Sugar price begins the bearish correction – Analysis - 03-05-2023
Sugar price broke the bullish channel’s support line clearly and closed the daily candlestick below it, to activate the correctional bearish scenario for the rise measured from 20.22 to 26.80, open the way to visit 24.30 as a first station.
MoreSoybean price declines again – Analysis - 03-05-2023
Soybean price bounced downwards strongly yesterday after finding solid resistance at the EMA50, to break 1402.10 level and settles below, which pushes the price back to the main bearish track and open the way to achieve negative targets that start at 1375.00 and extend to 1350.00.
MoreCorn price completes the negative pattern – Analysis - 03-05-2023
Corn price managed to break the bearish pennant’s support line and settled below it, reinforcing the expectations of continuing the bearish trend in the upcoming sessions, and the way is open to achieve our waited target at 561.30.
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