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Wheat price exits the bullish track – Analysis - 18-08-2021
Wheat price continued to decline yesterday after confirming the stability below 768.00, to break the bullish channel’s support line and start bearish correction for the bullish wave measured from 611.40 to 782.20, as it tests 23.6% Fibonacci correction level at 741.90, noting that breaking this level will confirm opening the way to head towards the next correctional level at 717.00.
Therefore, we expect witnessing more decline in the upcoming sessions, taking into consideration that breaching 750.00 and holding above it will stop the suggested negative scenario and lead the price to regain the main bullish trend again.
The expected trading range for today is between 720.00 support and 755.00 resistance.
The expected trend for today: Bearish
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Sugar price begins bearish correction – Analysis - 18-08-2021
Sugar price found difficulty to hold above the main bullish channel’s resistance that appears on the chart, to end yesterday below it, which hints heading to start correctional bearish wave in the upcoming sessions, and we suggest targeting 19.72 areas initially.
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Soybean price provided negative trades yesterday to exit the intraday bullish channel that appears on the chart, which pushes the price to turn to decline and head to test 1328.50 followed by 1318.80 areas as main negative targets.
MoreCorn price fails to breach – Analysis - 18-08-2021
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