Despite Copper price’s recent slow trades, its stability above 2.0760 supports the correctional bullish trend, to repeat the pressure on 1.2100 level, while surpassing it might extend trades towards 2.2960 to test the main resistance that appears on the chart.
Stochastic exit from the oversold areas confirms getting rid of the negative pressures, allowing it to gather new positive momentum to ease the missions of reaching the previously suggested positive stations.
The expected trading range for today is between 2.0800 and 2.2500
The expected trend for today: Bullish
Wheat price succeeded to reach our first waited target at 577.00 – recording 576.60 level yesterday -, showing some bearish bias affected by the strength of the mentioned resistance, waiting to get enough positive momentum to push the price to resume the positive trading, as the overall positive scenario still valid as long as 557.30 remains intact.
Note that breaching 577.00 – 578.60 levels will open the way to head towards the previously recorded top at 590.50 as a next positive target.
The expected trading range for today is between 560.00 support and 580.00 resistance.
The expected trend for today: Bullish
Sugar price tested 11.55 level and kept its stability below it, to keep the bearish trend scenario active for the upcoming period, depending on forming potential bearish flag pattern, represented by the minor bullish channel that appears on the chart, waiting to break 11.20 level to activate the negative effect of this pattern followed by rallying towards 10.40 as a next negative station.
Therefore, the bearish trend scenario will remain active in the upcoming sessions unless breaching 11.50 level and holding above it.
The expected trading range for today is between 10.70 support and 11.65 resistance
The expected trend for today: Bearish
Soybean price broke 885.50 level and settled below it, to cancel the positive formation mentioned in our recent reports and push the price to start bearish wave on the intraday basis, as a normal trading according to trading rules inside the channels, on its way to achieve negative targets that start at 868.30 and extend to 851.40.
Therefore, the bearish bias will be suggested in the upcoming sessions unless the price rallied to breach 894.50 level and hold above it.
The expected trading range for today is between 870.00 support and 885.00 resistance.
The expected trend for today: Bearish