Kellogg tries to shake off negative pressure - Analysis - 22-06-2022
Kellogg's stock (K) surged after reporting plans to divide to three different companies, marking a session-high at 71.26, before bouncing lower and trimming the gains to 1.95%, or 1.32 points, and settling at 68.86, with trading volumes surpassing 11.1 million shares, above 10-day averages of 3.5 million shares.
The stock is rising amid the dominance of the upward short-term trend, with positive signals from the RSI after reaching oversold levels, as the stock tries to shake off negative pressure from the 50-day SMA.
Therefore we expect more gains for the stock, targeting the pivotal resistance of 75.56, provided the support of 66.87 holds on.
Expected trend for today: Bullish
Lennar rises alongside downward correctional trend line - Analysis - 22-06-2022
Lennar Corporation's stock (LEN) rose in the intraday levels as it recoups some recent losses, and vents off oversold saturation in the RSI, amid the dominance of the downward correctional trend in the short term, with negative pressure from the 50-day SMA, marking a profit of 1.58% in the last session, or 1.02 points, settling at 65.65, with trading volumes surpassing 5.6 million shares, above 10-day averages of 3.5 million shares.
The gains came after the home construction company reported forecast-beating results for the second quarter, however it expected slower demand on new homes after Fed's rate hike.
Therefore we expect the stock to return lower, targeting the support of 57.54, provided the resistance of 71.38 holds on.
Expected trend for today: Bearish
Midday update for Wheat price 22-06-2022
Wheat price touched 972.80 level and presses negatively on it, waiting to confirm the break to rally towards our next negative targets that extend to 915.20 followed by 885.50, to keep our bearish overview conditioned by the price stability below 1043.30.
The expected trading range for today is between 950.00 support and 1010.00 resistance.
The expected trend for today: Bearish
Midday update for Sugar price 22-06-2022
Sugar price resumed its negative trading strongly to break 18.70 and support the continuation of the expected bearish trend scenario on the intraday and short term basis, opening the way to visit 18.25 that represents our next target, reminding you that the continuation of the bearish wave that depends on the stability below 18.70 and the most important below 19.16.
The expected trading range for today is between 18.20 support and 19.00 resistance
The expected trend for today: Bearish