Wheat price touches the target – Analysis - 03-04-2020

Wheat price succeeded to achieve our waited target at 536.80, and it found good support there to show positive trades now, affected by stochastic positivity, but we suggest the continuation of the negative trades in the upcoming sessions supported by moving below the EMA50, waiting to break the mentioned level to open the way to head towards 520.30 as a next negative target.

Therefore, the bearish trend will be suggested on the intraday and short term basis unless the price rallied to breach 557.30 and hold above it.

The expected trading range for today is between 530.00 support and 550.00 resistance.

The expected trend for today: Bearish