Wheat Price Bias Remains Bearish | IFCM UK
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Wheat Price Bias Remains Bearish

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The #C-WHEAT price forecast in our June 19, 2020 technical analysis was bearish.

  • Market developments after #C-WHEAT,Daily June 19, 2020 technical analysis still indicate bearish bias
  1. #C-WHEAT,Daily closed 0.8% lower since the technical analysis release on June 19, 2020.
  2. Reports of better than expected yields in US winter wheat harvest weigh on wheat price.

Here is what indicators show as of June 22, 2020:

  • The Parabolic Indicator gives a bearish signal.
  • The Donchian channel indicates downtrend: it is tilted down.
  • The MACD indicator gives a bearish signal.
  • The RSI oscillator gives a neutral signal.
  • The Fractals give bearish signal.
  • The MA(200) Indicator gives a bearish signal.

So the bearish forecast still stands for the #C-WHEAT,Daily.

OrderSELL
Sell stopBelow 479.8
Stop lossAbove 516.4

Reuters.

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