Wheat price soars – Analysis - 01-10-2020

Wheat price jumped upwards sharply yesterday to breach 557.30 and approaches the previously recorded top at 590.50, which opens the way to achieve more expected gains in the upcoming period, noting that surpassing the mentioned level will push the price towards 603.40 areas on the near term basis.

Therefore, the bullish trend will be dominant on the intraday basis, noting that breaking 577.00 will put the price under negative pressure that targets visiting 557.30 areas initially before determining the next trend clearly.

The expected trading range for today is between 570.00 support and 600.00 resistance.

The expected trend for today: Bullish