Wheat price around the moving average – Analysis – 24-08-2023
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Photo By Economies.com
Wheat price fluctuates around the EMA50, noticing that stochastic lost its positive momentum to show clear overbought signals now, waiting to resume the expected bearish wave on the intraday basis, which targets 617.00 followed by 580.20 levels as next main stations.
Holding below 641.50 represents initial condition to continue the expected decline, as breaching it will push the price to test the most important resistance at 668.50 before any new attempt to decline.
The expected trading range for today is between 620.00 support and 645.00 resistance.
The expected trend for today: Bearish
