Wheat price loses momentum – Forecast today - 16-04-2024

Wheat Price Analysis

Expected Scenario

• Wheat price shows positive trades to test the broken support of the bullish channel, noticing that stochastic lost its positive momentum to show clear overbought signals, waiting to motivate the price to resume the expected bearish trend for the upcoming period, which targets 552.80$ followed by 541.80$ levels as next main stations.
• Holding below 569.80$ is important to the continuation of the expected decline, as breaching it will lead the price to achieve additional bullish correction that its next target reaches 583.50$.

Expected Outcome

The expected trading range for today is between 555.00$ support and 572.00$ resistance.