Wheat price tests the support base – Forecast today - 08-05-2024

Wheat Price Analysis

Outlook and Forecast for Current Trading Sessions

Expected Scenario

• Price tested the support line at 641.50$ and maintained stability above it
• Active bullish trend scenario, targeting 660.00$ and 675.50$ levels as next targets

Wheat price tested the support line formed at 641.50$ after breaching it previously and kept its stability above it, to keep the bullish trend scenario active, waiting to visit 660.00$ followed by 675.50$ levels as next targets.

Stochastic overlaps positively to support the expectations to rise, which will remain valid conditioned by the price stability above 641.50$.

Expected Trading Range

1. Support: 641.50$
2. Resistance: 660.00$

Trend Forecast: Bullish