Wheat price soars – Analysis - 13-01-2021

Wheat price rallied upwards strongly yesterday to surpass the suggested positive target at 662.10 and settles above it, opening the way to continue the bullish trend on the short term and medium term basis, organized inside the bullish channel that appears on the chart, noting that our next target is located at 684.10.

The EMA50 supports the suggested bullish wave, which will remain valid conditioned by the price stability above 662.00.

The expected trading range for today is between 662.00 support and 684.00 resistance.

The expected trend for today: Bullish