Wheat price draws positive pattern – Analysis - 19-10-2021

Wheat price ended yesterday above 741.90, and by taking a deeper look at the chart, we find that the price formed inverted head and shoulders’ pattern, thus, we believe that the chances valid to achieve more gains in the upcoming sessions, which target 756.00 followed by 766.50 mainly.

Therefore, the bullish bias will be expected on the intraday and short term basis supported by moving above the EMA50 taking into consideration that breaking 741.90 – 739.00 levels will stop the suggested positive scenario and press on the price to decline again.

The expected trading range for today is between 735.00 support and 755.00 resistance.

The expected trend for today: Bullish