Wheat price continues to decline – Analysis – 16-08-2023
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Photo By Economies.com
Wheat price shows more bearish bias to approach 600.00 barrier, reinforcing the expectations of continuing the bearish trend on the intraday and short-term basis, and the way is open to head towards our next waited target at 580.10.
The negative pressure formed by the EMA50 supports the suggested bearish wave, which will remain valid unless the price rallied to breach 668.50 and hold above it.
The expected trading range for today is between 600.00 support and 625.00 resistance.
The expected trend for today: Bearish
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