Wheat price hits the target – Analysis - 16-10-2020

Wheat price rallied upwards strongly yesterday to succeed achieving our waited target at 620.00 and settles near it, getting continuous positive support by the EMA50, to reinforce the chances of continuing the rise in the upcoming sessions, noting that our next target is located at 625.50.

We should note that breaking 608.50 will press on the price to achieve some bearish correction and visit 600.70 and might extend to 590.40 areas before any new attempt to rise.

The expected trading range for today is between 610.00 support and 625.50 resistance.

The expected trend for today: Bullish