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Wheat price keeps declining – Analysis - 02-05-2023
Wheat price resumes its negative trading yesterday, reinforcing the expectations of continuing the main bearish trend, which targets 600.00 followed by 575.00 levels as next main stations.
Stochastic begins to lose the positive momentum, waiting to get negative motive that assists to push the price to continue the decline and head towards the suggested targets, reminding you that the continuation of the bearish wave requires holding below 637.00.
The expected trading range for today is between 610.00 support and 635.00 resistance.
The expected trend for today: Bearish
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Sugar price under the negative pressure – Analysis - 02-05-2023
Sugar price ended yesterday with strong negativity, to approach the bullish channel’s support line that appears on the chart, and we prefer to stay neutral until the price confirms its situation according to this channel’s support at 25.15 to detect its next destination clearly.
MoreSoybean price completes positive pattern – Analysis - 02-05-2023
Soybean price couldn’t break 1402.10 level, to trade with clear positivity in the previous sessions, starting today with additional rise to complete forming double bottom pattern that its signs appear on the chart, thus, we suggest the continuation of the bullish bias in the upcoming sessions, targeting visiting 1442.00 followed by 1460.00 levels as main positive stations.
MoreCorn price within continuation pattern – Analysis - 02-05-2023
Corn price’s recent trades are confined within bearish pennant pattern that appears on the chart, thus, the price needs to break 575.00 to get negative motive that assists to rally towards our main waited target at 561.30.
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