Wheat Prices Gain Positive Momentum – Forecast for May 9th, 2024

by Jennifer

After encountering notable downward pressure, wheat prices approached the support line of the bullish channel, with testing around the $630.00 mark. However, today’s trading session commences with a distinct bullish bias, signaling a potential resurgence in the primary bullish trend.

Market analysis suggests that this positive scenario remains viable for the upcoming period, with initial targets set at $660.00, further extending to $675.50.


Supporting this bullish outlook, the EMA50 indicator reinforces the suggested upward momentum. However, it’s essential to note that a break below $622.60 would nullify the anticipated rise, potentially prompting a shift towards a downward trajectory.


The expected trading range for today is forecasted to fluctuate between the support level at $630.00 and the resistance level at $655.00.

Trend Forecast: Bullish

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