Wheat price around the moving average – Analysis - 14-01-2020

Wheat price hovers around the EMA50 now, accompanied by stochastic reach to the oversold areas, waiting to motivate the price to resume the positive trades in the upcoming sessions, reminding you that our first target is represented by breaching 567.6 level to confirm opening the way to head towards 578.2.

In general, we will continue to suggest the bullish trend on the intraday and short term basis unless breaking 555.4 and holding below it.

The expected trading range for today is between 555.0 support and 570.0 resistance.

The expected trend for today: Bullish