Wheat price keeps achieving the negative targets – Analysis – 31-05-2023
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Wheat price resumed its negative trades clearly yesterday to surpass our first target at 603.10 and reach the extended target at 590.00, and we suggest the continuation of the bearish bias to break the last level and open the way to extend the bearish wave towards 575.00 areas.
The EMA50 continues to support the suggested bearish wave, which will remain valid conditioned by the price stability below 603.10.
The expected trading range for today is between 575.00 support and 600.00 resistance.
The expected trend for today: Bearish
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