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