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Wheat price attempts to recover – Analysis - 21-08-2023
Wheat price trades positively to test the EMA50 that forms good resistance against the price, accompanied by stochastic loss to the positive momentum clearly, waiting to motivate the price to resume the expected bearish trend for the upcoming period, which its next main target located at 580.10.
We should note that surpassing the current areas will push the price to test the most important resistance for the intraday and short-term trades at 668.50 before any new attempt to decline.
The expected trading range for today is between 610.00 support and 650.00 resistance.
The expected trend for today: Bearish
Sugar price draws new negative pattern – Analysis - 21-08-2023
Sugar price shows calm negative trades to move below 24.00 barrier, and by taking a deeper look at the chart, we find that the price forms double top pattern that its confirmation line meets our waited target at 23.50, which means that breaking this level will push the price to achieve additional negative targets that reach 22.75 followed by 21.80.
MoreSoybean price reaches the new target – Analysis - 21-08-2023
Soybean price opened today’s trading with strong positivity to reach our waited target at 1385.00, affected by the triple bottom pattern that appears on the chart, to support the chances of achieving additional gains and surpass the mentioned level to visit 1408.00 followed by 1430.40 levels as next positive stations.
MoreCorn price tests the resistance – Analysis - 21-08-2023
Corn price trades positively by today’s open to approach the key resistance 509.50, affected by stochastic positivity, noting that the EMA50 meets the mentioned resistance to add more strength to it, waiting to resume the negative trades to head towards achieving our next main target that reaches 435.60.
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