Wheat price stops the bearish correction – Forecast today - 27-03-2024

Wheat Price Analysis

• Wheat price faced negative pressure yesterday, breaking 552.80$ and closing the daily candlestick below it.
• Starting today with additional decline confirms stopping the bearish correction and returning to the main bearish track again.
• This opens the way to achieve negative targets starting at 535.00$ and extending to 525.40$.

Therefore, the bearish bias will be suggested for today, supported by moving below the EMA50.

Notably, breaching 552.80$ will stop the current negative pressure and lead the price to recover again.

The expected trading range for today is between 530.00$ support and 553.00$ resistance.

Trend forecast: Bearish