Wheat price achieves more gains – Forecast today - 25-04-2024

Wheat Price Analysis

• Wheat price rallied upwards yesterday to succeed achieving our new waited target at 614.10$, and we suggest breaching this level to achieve more gains in the upcoming period, affected by the previously completed inverted head and shoulders’ pattern, noting that our next target reaches 635.00$.

Expected Scenarios

• Therefore, the bullish trend scenario will remain valid and active on the intraday and short-term basis conditioned by the price stability above 597.10$.

Trading Range

• The expected trading range for today is between 600.00$ support and 620.00$ resistance.

Trend forecast: Bullish