Wheat price faced temporary negative pressure – Analysis - 16-01-2024

2024-01-16 04:28AM UTC

Wheat price traded with strong negativity on last Friday to break 605.00 and settle below it, but it begins today positively to move above this level again, which keeps the sideways move scenario valid on the intraday basis, as the price is confined between the mentioned support and 639.30 resistance, waiting to breach one of these levels to detect the next destination clearly.


We remind you that breaking the support will push the price to achieve negative targets that start at 573.00, while breaching the resistance will lead the price to achieve new gains that reach 667.00 on the near term basis.


The expected trading range for today is between 595.00 support and 615.00 resistance.


The expected trend for today: Sideways

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