Wheat price heads towards the support – Analysis - 22-07-2021

Wheat price shows some bearish bias to approach testing the key support 701.00, noticing that the EMA50 provides the positive support to the price, while stochastic enters the oversold areas.

Therefore, these factors encourage us to continue suggesting the bullish trend for the upcoming period, which targets 726.80 as a next main station, taking into consideration that breaking 701.00 will put the price under negative pressure that its targets begin at 680.20.

The expected trading range for today is between 690.00 support and 720.00 resistance.

The expected trend for today: Bullish