Wheat price reaches target – Analysis - 16-09-2021

Wheat price succeeded to reach our waited target at 717.00 and settles near it, noticing that the price surpassed the correctional bearish channel’s resistance to hint heading to achieve more expected rise in the upcoming period, noting that breaching the mentioned level will push the price to 741.90 as a next main station.

Therefore, we will continue to suggest the bullish trend on the intraday and short term basis, noting that breaking 711.00 will press on the price to decline towards 696.80 before determining the next trend clearly.

The expected trading range for today is between 705.00 support and 725.00 resistance.

The expected trend for today: Bullish