Wheat price touches the first target – Forecast today - 01-05-2024
Economies.com
2024-05-01 03:48AM UTC
Wheat Price Analysis
Expected Scenario
- Wheat price managed to touch our first waited target at 597.10$ and found solid support there, to show some temporary bullish bias, noticing that stochastic loses its positive momentum clearly now, to support the chances of resuming the negative trades that target 583.50$ as a next main station.
- Therefore, we will continue to suggest the bearish trend for the upcoming period unless the price rallied to breach 614.10$ and hold above it.
Expected Trading Range
Between 590.00$ support and 614.00$ resistance
Trend Forecast: Bearish
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