Wheat price attempts to recover – Analysis – 08-08-2023
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Photo By Economies.com
Wheat price ended the last sessions positively to attempt to breach 668.50 level, but we notice that the EMA50 forms good resistance against the price, accompanied by stochastic loss to the positive momentum clearly and reaching the overbought areas.
Therefore, these factors encourage us to continue suggesting the bearish trend for the upcoming period, which targets 625.00 followed by 580.10 levels as next main stations, noting that it is important to hold below 668.50 – 677.00 levels to achieve the suggested targets.
The expected trading range for today is between 640.00 support and 675.00 resistance.
The expected trend for today: Bearish
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