Wheat price tests the resistance – Analysis – 12-07-2023
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Wheat price trades positively to test the key resistance 668.50, and the EMA50 meets this resistance to add more strength to it, while stochastic loses its positive momentum clearly, thus, these factors encourage us to continue suggesting the bearish trend for the upcoming period, which its next target located at 630.00.
On the other hand, we should note that breaching 668.50 will stop the suggested bearish wave and lead the price to turn to rise.
The expected trading range for today is between 640.00 support and 670.00 resistance.
The expected trend for today: Bearish
