Wheat price surpasses the moving average – Forecast today - 19-03-2024

Wheat price traded with clear positivity yesterday to surpass the EMA50 and settles above it, reinforcing the expectations of continuing the bullish bias on the intraday basis, waiting to test 552.80 as a next main target.

It is important to monitor the price when reaching the targeted level, as breaching it represents the key to extend the correctional bullish wave to reach 569.80 areas on the near-term basis, while breaking 540.50 represents negative factor that will stop the current rise and push the price to return to the main bearish track again.

The expected trading range for today is between 540.00 support and 553.00 resistance.

Trend forecast: Bullish