Wheat price tests the resistance – Forecast today - 15-04-2024

Bearish Trend Continues

Wheat price tested the key resistance at 569.80$ and bounced bearishly from there, keeping the bearish trend active.

Expected Scenarios

• The bearish trend remains supported by moving below the EMA50.
• The waited targets begin at 552.80$ followed by 541.80$.
• Settling below the bullish channel’s support line reinforces the negative overview.
• It is important to hold below 569.80$ to achieve the suggested targets.

Trading Range

The expected trading range for today is between support at 550.00$ and resistance at 567.00$.

Trend forecast: Bearish