Wheat price hits the target – Analysis - 16-09-2020

Wheat price succeeded to achieve our main waited target at 536.80 and attempts to break it, which supports the chances of extending the bearish wave on the intraday and short term basis, on its way to head towards 520.20 that represents the next main station.

Therefore, the bearish bias will remain dominant in the upcoming sessions, noting that failing to break 536.80 will lead the price to achieve intraday gains that target 550.00 and might extend to 557.30 areas before any new attempt to decline.

The expected trading range for today is between 525.00 support and 540.00 resistance.

The expected trend for today: Bearish