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Wheat price under the negative pressure – Analysis - 20-10-2022
Wheat price bounced downwards clearly after testing 868.70 level in the previous sessions, to start pressing on 844.40 support line, in attempt to break it and head to achieve more bearish correction, noting that the next correctional level is located at 820.10.
Therefore, we expect to witness negative trades today supported by the negative pressure formed by the EMA50, noting that breaching 868.70 will stop the expected decline and lead the price to regain the main bullish trend again.
The expected trading range for today is between 830.00 support and 860.00 resistance.
The expected trend for today: Bearish
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