Wheat price is recovering – Forecast today - 19-04-2024

Wheat Price Analysis

Expected Scenario

• Wheat price opens today’s trading with strong bullish rally to breach 552.80$ and reach 569.80$ direct, to hint heading to achieve bullish correction in the upcoming sessions, noting that breaching the last level will push the price towards 583.50$ as a next station.
• By taking a deeper look at the chart, we find that the price is drawing inverted head and shoulders’ pattern that has positive targets that surpass the above-mentioned level to reach 597.10$ followed by 614.10$ areas.

Expected Outcome

The expected trading range for today is between 553.00$ support and 575.00$ resistance.