Wheat price declines calmly – Analysis - 06-08-2020

Wheat price shows slight negative trades to gradually crawls towards our waited target at 503.70, and the negative effect of the triple top pattern still active, waiting for more decline in the upcoming sessions, reminding you that breaking the mentioned level will push the price to 483.20 as a next negative station.

The EMA50 keeps supporting the suggested bearish wave, which will remain valid unless breaching 520.20 level and holding above it.

The expected trading range for today is between 503.00 support and 517.00 resistance.

The expected trend for today: Bearish