Wheat price suffers some losses – Analysis - 20-01-2021

Wheat price faced strong negative pressure yesterday to test the key support 661.70, noticing that the price begins today with bullish bias in attempt to move away from this level, supported by stochastic and the EMA50 positivity, which keeps the overall bullish trend scenario valid for the upcoming period, which its targets begin at 691.10 followed by 700.00.

Note that breaking 661.70 will press on the price to achieve more bearish correction that its next target reaches 643.60.

The expected trading range for today is between 660.00 support and 690.00 resistance.

The expected trend for today: Overall Bullish