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2417.755
22.865%
79.979
1.648%
1.0872
1.5474%
5307.28
0.13%
39999.01
0.20%
18551.55
0.11%
Wheat price begins negatively – Forecast today - 06-05-2024
Economies.com
2024-05-06 04:09AM UTC
Wheat Price Analysis
Expected Scenarios
Wheat price provided strong positive trades in the previous sessions after breaching 614.10$ level, to reach 630.00$ areas, but we notice that it begins today with clear negativity to press on 614.10$ level, which makes us continue neutral until the price confirms its situation according to this level followed by detecting its next destination clearly.
The contradiction between the technical indicators provides another reason for neutrality, noting that breaking 614.10$ will push the price to suffer additional losses and visit 597.10$ areas initially, while consolidating above it will lead the price to resume the bullish wave and head towards 641.50$ as a next positive target.
Trading Range for Today
Support: 600.00$
Resistance: 625.00$
Trend forecast: Neutral
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