Wheat price reaches the target – Analysis - 26-05-2023

1 week ago

Wheat price declined yesterday to reach few pips away from our waited target at 603.10, showing some bullish bias by today’s open, affected by stochastic positivity, while the EMA50 forms continuous negative pressure against the price, to keep the bearish trend valid for the upcoming period, reminding you that our next target is located at 590.00.


On the other hand, we should note that breaching 629.40 will stop the suggested bearish wave and push the price to achieve new bullish correction on the intraday basis.


The expected trading range for today is between 595.00 support and 620.00 resistance.


The expected trend for today: Bearish

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