Wheat price completes negative pattern – Analysis - 22-01-2021

Wheat price faced strong negative pressure yesterday to break 661.70 and settles below it, while on the other hand, the price completed forming head and shoulders’ pattern that appears on the chart, which puts the price under more expected correctional bearish pressure for the upcoming period, which its targets begin at 643.60 and extend to 628.90.

Therefore, we expect the continuation of the bearish bias on the intraday basis, taking into consideration that breaching 661.70 will stop the negative scenario and lead the price to resume the main bullish trend again.

The expected trading range for today is between 643.00 support and 661.70 resistance.

The expected trend for today: Bearish