Wheat price rebounds downwards – Analysis - 18-02-2021
Wheat price provided clear negative trades yesterday to settle below 645.00 now, reinforcing the expectations of continuing the decline to visit the sideways range’s support line at 629.40, while the sideways move scenario still valid as long as the price is confined between the mentioned support and 662.50 resistance.
Breaching one of the mentioned levels is required to determine the next trend clearly, noting that breaking the mentioned support will push the price to visit the next correctional level at 614.60 direct, while the price needs to breach 662.50 resistance to resume the main bullish trend that its next target located at 692.00.
The expected trading range for today is between 635.00 support and 655.00 resistance.
The expected trend for today: Sideways
Sugar price builds support base – Analysis - 18-02-2021
Sugar price kept its stability above 16.00, to build support base that reinforces the expectations of continuing the main bullish trend, which its next target located at 16.63, noting that the EMA50 supports the price from below.
Therefore, the positive scenario will remain valid for the upcoming period unless breaking 16.00 followed by 15.75 levels and holding below them.
The expected trading range for today is between 15.95 support and 16.40 resistance
The expected trend for today: Bullish
Soybean price crawls upwards – Analysis - 18-02-2021
Soybean price continues to test 1385.00 that forms solid resistance against the price, waiting to get strong positive motive that assists to push the price to breach this level and confirm the continuation of the bullish trend, reminding you that our next target is located at 1432.20.
Therefore, we will keep our bullish overview for the upcoming period unless breaking 1370.00 level and holding below it.
The expected trading range for today is between 1375.00 support and 1410.00 resistance.
The expected trend for today: Bullish
No news for Corn price – Analysis - 18-02-2021
Corn price did not show any strong move since yesterday, to continue fluctuating around 550.00, which keeps the positive scenario valid as it is without any change for the upcoming period, supported by moving above the EMA50, noting that we are waiting to head towards 570.40 as a next main target.
The expected trading range for today is between 545.00 support and 560.00 resistance.
The expected trend for today: Bullish