Wheat price reaches the target – Analysis - 12-12-2019

Wheat price succeeded to reach the bullish channel’s support and settles above it now, and according to the trading rules within the price channels, the price in its way to begin a new bullish wave that its main target is resuming the main bullish trend within the mentioned channel.

Therefore, we prefer witnessing positive trading for today, and the targets begin by breaching 52.40 level to confirm the extension of the bullish wave towards 540.00 then 545.00, being aware that breaking 516.0 will stop the expected rise and push the price to achieve more of the downside moves on the short term basis. 

The expected trading range for today is between 514.5 support and 530.0 resistance.

The expected trend for today: Bullish