Wheat price gets a positive motive – Forecast today - 09-05-2024

Wheat Price Analysis

Forecasts and Analysis

• Wheat price faced clear negative pressure, testing 630.00$ areas and approaching the bullish channel’s support line visible on the chart.
• The price begins today with a bullish bias, hinting at a resumption of the main bullish trend.
• The positive scenario remains valid for the upcoming period, with targets starting at 660.00$ and extending to 675.50$.
• The EMA50 supports the suggested bullish wave, but breaking 622.60$ will stop the expected rise and push the price to turn to decline.

Expected Trading Range

The expected trading range for today is between 630.00$ support and 655.00$ resistance.