Wheat price shows mixed trades – Forecast today - 11-04-2024

Wheat Price Analysis

Expected Scenario

• Wheat price provided positive trades yesterday and attempted to confirm breaching 569.80$.
• Returned to decline and hold below it, heading towards a potential test to the bullish channel’s support line around 561.50$.
• Facing contradiction between the technical indicators, making it preferable to stay aside until a clearer signal for the next trend.

Expected Outcome

The continuation of the decline and breaking the mentioned support will push the price to return to the main bearish trend and achieve negative targets.

Breaching 569.80$ resistance represents a positive factor that will push the price to achieve additional bullish correction.

Expected Trading Range

Between 555.00$ support and 575.00$ resistance.