Wheat price hits the first target – Analysis - 22-02-2023

Sugar price tested the resistance line that appears on the chart and keeps its stability below it, accompanied by stochastic loss to the positive momentum clearly, waiting to motivate the price to resume the bearish trend that its targets begin by testing 19.55 level, noting that this level represents neckline for the double top pattern that appears on the chart, which means that breaking it will extend the bearish wave to target 18.50 areas on the near term basis.

Soybean price managed to breach 1537.60 level and hold with a daily close above it, starting today with more bullish bias to move away from this level, which supports the continuation of the expected bullish trend scenario efficiently for the upcoming period, opening the way to visit 1580.00 followed by 1595.00 levels as next main targets.

Corn price faced temporary negative pressure yesterday but it returns to rise and settle around 680.00 level, to keep the bullish trend scenario valid and active for the upcoming period, supported by the EMA50, waiting to visit 685.00 followed by 700.00 levels as next targets.