Platinum exits the bullish track – Analysis – 18-6-2021

Copper price surrendered to the frequent negative pressures to postpone the bullish attack and settle near the moving average 55 at 4.1500, expecting the continuation of the correctional bearish track effect due to the stability of 4.4100 barrier, to increase the chances of suffering additional losses that might extend towards 3.9200, to test the bullish channel’s support line that appears on the chart.

Wheat price broke 659.40 level strongly and rallied bearishly to approach our waited target at 633.60, to support the expectations of continuing the decline on the intraday and short term basis, noting that breaking the targeted level will push the price to visit the previously recorded low at 591.90 as a next main station.

Sugar price managed to achieve our first waited target at 16.85 and broke it to close the daily candlestick below it, which confirms the extension of the bearish wave to target 16.45 as a next station, waiting for more expected decline in the upcoming sessions.