Wheat price faces solid resistance – Analysis - 22-05-2020

2020-05-22 00:55:25 GMT (Economies.com)
 

Wheat price found difficulty to breach 520.30 level yesterday, to rebound bearishly and move away from this level, which hints the price head to provide more negative trades in the upcoming sessions, supported by the negative signal provided by stochastic.

 

Therefore, we suggest witnessing bearish bias today, and the first target is represented by testing 503.70, noting that breaching 520.30 and holding above it will stop the suggested decline and push the price to achieve additional gains that reach 536.80.

 

The expected trading range for today is between 500.00 support and 525.00 resistance.

The expected trend for today: Bearish

 
 
 
  Symbol Last Change Chg.%
1.1311
-0.0020
0.1792%
1.2645
0.0138
1.1006%
Tadawul
7416.67
22.41
0.30%
18.663
0.317
1.728%
40.245
0.010
0.025%
42.89
0.54
1.28%
1799.045
13.060
0.731%
 
 
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