Wheat price suffers some losses – Analysis – 27-07-2023
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Wheat price faced strong negative pressure in the previous sessions to break 767.20 and reach 723.10, which consolidates well against the current negative pressure, as the EMA50 meets this level to add more strength to it, while stochastic overlaps positively now.
Therefore, these factors encourage us to suggest the bullish bias for the upcoming period, which targets testing 767.20 areas again, noting that breaking 723.10 will stop the bullish trend and push the price to turn to decline.
The expected trading range for today is between 715.00 support and 760.00 resistance.
The expected trend for today: Bullish
