Wheat price hits the first target – Analysis - 07-01-2022

Wheat price succeeded to achieve our first waited target at 742.30 and presses negatively on it, to hint heading to achieve more expected bearish correction in the upcoming period, paving the way to visit 711.40 as a next negative target.

Therefore, the bearish trend will remain dominant on the intraday basis, noting that failing to break 742.30 might push the price to test 773.30 before any new attempt to decline.

The expected trading range for today is between 720.00 support and 760.00 resistance.

The expected trend for today: Bearish