Wheat price retests – Analysis - 28-01-2020

Wheat price bounced upwards clearly yesterday to retest the broken support of the bullish channel that appears on the chart, noticing that stochastic shows clear overbought signals now, which supports the chances of resuming the expected bearish trend for the upcoming period, which its next main target located at 542.00.

We should note that breaching 574.00 and holding above it will stop the expected decline and leads the price to regain the main bullish track.

The expected trading range for today is between 550.00 support and 575.00 resistance.

The expected trend for today: Bearish