Wheat price surpasses the first target – Analysis - 15-01-2020

Wheat price succeeded to surpass our first waited target at 567.6 and settled above it, to build support base above this level that reinforces the chances of continuing the bullish trend on the short term basis, noting that our next station is located at 578.2.

Therefore, the bullish trend scenario will remain active for the upcoming period, organized inside the bullish channels that appear on the chart, noting that breaking 567.6 will press on the price to test 558.0 areas before any new attempt to rise.

The expected trading range for today is between 565.0 support and 580.0 resistance.

The expected trend for today: Bullish