Wheat price reaches the extended target – Analysis - 06-12-2022

Wheat price provided additional strong negative trades to succeed achieving our extended target at 741.30, noticing that the price attempts to break this level, to support the chances of continuing the bearish trend domination in the upcoming period, paving the way to achieve new negative targets that reach 715.00.

On the other hand, we need to note that failing to confirm breaking 741.30 will lead the price to start recovery attempts and build intraday bullish wave that targets visiting 780.50 areas mainly.

The expected trading range for today is between 720.00 support and 750.00 resistance.

The expected trend for today: Bearish