Wheat price attempts to recover – Analysis
Updated
Wheat price decline stopped around 740.00 areas, to start rising and hint heading to achieve expected gains in the upcoming sessions, on its way to visit 778.10 mainly.
Therefore, the bullish bias will be suggested for today, and breaching 758.50 will ease the mission of achieving the mentioned target, while breaking 745.00 will stop the expected rise and press on the price to resume the bearish track.
Therefore, the bullish bias will be suggested for today, and breaching 758.50 will ease the mission of achieving the mentioned target, while breaking 745.00 will stop the expected rise and press on the price to resume the bearish track.
Trade closed manually
Wheat price under the negative pressureWheat price broke 745.00 level clearly and settled below it, to fall under expected negative pressure in the upcoming period, targeting 723.70 areas initially.
The EMA50 forms negative pressure that supports the continuation of the bearish bias on the intraday basis, noting that breaching 750.50 will push the price to start new recovery attempts.
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