NCDEX wheat has been trading near the 20-daily moving average and the daily upper Bollinger Band for the last few sessions. It recently faced resistance near the upper end of a rising channel. The daily Bollinger Bands are squeezing and the daily momentum indicator shows that they are likely to expand in favour of bears. The key resistances on the upside are Rs1,287-1,300. On the flip side the agri commodity is expected to test the 40-daily exponential moving average, the daily lower Bollinger Band (Rs1,225) and below that the 40-weekly exponential moving average (Rs1,185).
