PayPal widens gains - Analysis - 11-01-2021

Wheat price begins the breaking process to 635.00 level and attempts to hold below it, which hints the price head to achieve more decline in the upcoming sessions, affected by the head and shoulders’ pattern that was completed after breaking the mentioned level, making the bearish bias suggested for the rest of the day, waiting to test 625.70 as a first correctional target, taking into consideration that the continuation of the negative scenario depends on the price stability below 635.00 – 640.00 levels.

Sugar price faces negative pressure to break 14.95 and attempts to hold below it, which urges caution from the upcoming trading, as closing the daily candlestick below it will press on the price to start correctional bearish wave that its targets begin at 14.10, while stepping above it again will push the price to resume the main bullish trend that its next target located at 16.00.

Soybean price trades with new positivity now to move away from the intraday bullish channel’s support line, which keeps the bullish trend scenario active for the rest of the day, which targets 1413.70 level as a next station, noting that holding above 1365.00 is important to achieve the waited positive targets.