Wheat price breaches the resistance – Analysis - 30-06-2020

Wheat price achieved strong gains yesterday to breach 483.20 and settles above it, which hints the price head to turn to rise, but we notice that stochastic loses its positive momentum and shows negative overlapping signal now, while the EMA50 forms negative pressure against the price, which might push the price back to the bearish track.

Therefore, we prefer staying aside until the price confirms its situation according to 483.20, as holding above it will push the price to achieve new positive targets that reach 503.70, while trading below it again will press on the price to resume the main bearish track that its next target located at 450.00.

The expected trading range for today is between 475.00 support and 490.00 resistance.

The expected trend for today: Neutral