Wheat price faces negative pressure – Analysis - 23-01-2020

Wheat price bounced downwards clearly after testing 590.0 barrier, to approach the intraday bullish channel’s support line that appears on the chart, accompanied by stochastic reach to the oversold areas, noticing that the EMA50 meets the mentioned channel’s support line to protect the continuation of trading inside it.

Therefore, these factors encourage us to suggest the bullish trend for the upcoming sessions, waiting to visit 596.0 level as a next main target, noting that breaking 569.0 will stop the expected rise and press on the price to achieve additional decline that targets testing the main bullish channel’s support line at 542.0 before any new attempt to rise.

The expected trading range for today is between 570.0 support and 590.0 resistance.

The expected trend for today: Bullish