Wheat Price Analysis: Bearish Trend Confirmed, Further Declines Expected – 16-05-2024

by Jennifer

The wheat price witnessed renewed negative momentum in recent sessions, testing the crucial barrier at $670.00. A detailed analysis of the chart reveals the completion of a double top pattern, indicating strong support for the continuation of the decline in the upcoming sessions, with the next major target expected at $647.60.

Consequently, the prevailing trend forecast suggests a bearish trajectory in the intraday basis. It’s important to note that breaching the resistance at $676.00 could alleviate the current negative pressure and potentially trigger a reversal towards the main bullish trend.


Expected Trading Range: The anticipated trading range is projected to be between support at $660.00 and resistance at $676.00.


Trend Forecast: The overall trend forecast remains bearish, with the market displaying clear signs of downward pressure. Traders are advised to remain cautious, as further declines are anticipated, particularly if key support levels are breached.

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