Wheat price approaches the target – Analysis - 30-10-2020
Economies.com
2020-10-30 04:48AM UTC
Wheat price shows some slight bullish bias to test the intraday bearish channel’s resistance that appears on the chart, waiting to rebound bearishly to resume the intraday bearish track, which targets testing 592.50 level mainly.
Therefore, the negative scenario will remain active for the upcoming period, supported by moving below the EMA50, noting that breaching 606.50 will stop the expected decline and push the price to start recovery attempts and resume the main bullish trend again.
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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