Wheat price presses on the support – Analysis – 31-03-2023
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photo by economies.com
Wheat price provided additional negative trades yesterday to test the key support 695.90, which hints heading to break this level and stop the bullish correction that dominated the recent trades, making the bearish bias suggested in the upcoming sessions, noting that our next targets are located at 685.00 and 672.00.
Moving below the EMA50 supports the expected decline, taking into consideration that the consolidation of 695.90 level against the current negative pressure will lead the price to start new bullish wave that targets testing 716.80 level initially.
The expected trading range for today is between 685.00 support and 705.00 resistance.
The expected trend for today: Bearish
