Wheat price hits the target – Analysis - 02-12-2020

Economies.com
2020-12-02 04:57AM UTC

Wheat price succeeded to achieve our waited target at 573.00 and settles near it, noticing that the price completed forming double top pattern that its signs appear on the chart, which puts the price under more negative pressure that supports the chances of breaking the mentioned level and achieve more bearish correction in the upcoming period, as the next correctional target reaches 553.30.

 

Therefore, we expect the continuation of the bearish trend domination on the intraday and short term basis unless the price to breach 587.00 followed by 597.30 levels and hold above them.

 

The expected trading range for today is between 565.00 support and 585.00 resistance.

The expected trend for today: Bearish

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