Wheat price attempts to recover – Forecast today - 12-06-2024

Wheat Price Analysis

Expected Scenario

• Wheat price traded with clear positivity to breach the 629.20$ level and settle above it, hinting at an attempt to stop the bearish correction.
• Stochastic shows clear negative signals now, while the EMA50 forms continuous negative pressure against the price.
• We believe that the chances are valid to resume the correctional bearish trend and head to achieve additional negative targets that reach 605.80$.
• Breaching 652.60$ will stop the expected decline and lead the price to attempt to regain the main bullish track again.

Expected Trading Range

Between 625.00$ support and 650.00$ resistance.