Wheat Price Sees Robust Increases – Forecast for May 7, 2024

by Jennifer

Wheat price experienced a strong upward rally yesterday, surpassing the $641.50 level and consolidating above it. This development sets the stage for further gains, with initial targets identified at $660.00 and extending to $675.50 as the next significant milestones.

The supportive stance of the EMA50 from below bolsters expectations for continued upward movement. However, it is important to note that a breach below $641.50 could disrupt the anticipated bullish momentum and subject the price to intraday negative pressure.


Expected Trading Range for Today:


Support: $643.00
Resistance: $660.00

The trend forecast for wheat remains bullish, reflecting recent price actions and technical indicators.

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