Wheat price hits the first target – Analysis – 28-08-2023
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Wheat price resumed its negative trading to succeed achieving our first waited target at 617.00, waiting for more decline to achieve additional negative targets that reach 580.20 areas.
Therefore, the bearish trend will remain valid and active for the upcoming period, supported by the negative pressure formed by the EMA50, reminding you that the continuation of the bearish wave requires holding below 641.50 as a first condition.
The expected trading range for today is between 600.00 support and 630.00 resistance.
The expected trend for today: Bearish
