Wheat price surpasses the target – Forecast today - 18-04-2024

Price Analysis: Wheat

Expected Scenario

• The wheat price has successfully achieved the awaited target at 552.80$ and broke it to close the daily candlestick below it. This supports the expectations of continuing the bearish trend in the upcoming period, with additional negative targets starting at 541.80$ and extending to 525.40$.
• The negative scenario will remain dominant on the intraday and short-term basis, with the possibility of breaching 552.80$ and holding above it leading to new recovery attempts targeting testing 569.80$ areas.

Expected Outcome

The expected trading range for today is between 545.00$ support and 557.00$ resistance.