Copper price returned to provide slow sideways fluctuation by consolidating below the bullish channel’s resistance at 4.3500, which hinders the chances of resuming the rise until this moment, thus, we will keep suggesting forming correctional bearish trades to target 4.1200 followed by reaching the additional support at 4.0500.
We remind you that succeeding to breach the resistance and holding above it will confirm moving to the bullish track again, to attempt to target new positive stations that might start at 4.4200 and 4.6000 levels.
The expected trading range for today is between 4.3500 and 4.1500
The expected trend for today: Bearish
Wheat price continued to decline to touch our second waited target at 723.70, and it found solid support there to show some slight bullish bias, affected by stochastic positivity, while we suggest resuming the negative trades to surpass this level and open the way to head towards 700.00 areas on the near term basis.
Therefore, the bearish trend will remain expected in the upcoming sessions, taking into consideration that failing to break 723.70 will push the price to start recovery attempts and visit 742.50 areas initially.
The expected trading range for today is between 715.00 support and 735.00 resistance.
The expected trend for today: Bearish
Sugar price ended yesterday below 18.70 level, to keep the bearish trend scenario active, supported by stochastic loss to the positive momentum clearly, waiting to resume the bearish bias that its next target located at 18.40.
On the other hand, we should note that breaching 18.70 will push the price to achieve intraday gains that start by testing 19.00 level.
The expected trading range for today is between 18.35 support and 19.00 resistance
The expected trend for today: Bearish
Soybean price continued to decline to attack the bullish channel’s support line and approach our main waited target at 1470.00, and we suggest the continuation of the bearish bias in the upcoming sessions to achieve more decline on the intraday basis, noting that breaking the mentioned level will push the price to 1436.00 as a next negative station.
On the other hand, we should note that surpassing 1493.00 and holding above it will lead the price to start recovery attempts that target testing 1537.60 areas initially.
The expected trading range for today is between 1470.00 support and 1505.00 resistance.
The expected trend for today: Bearish