Wheat Price Rebounds Bearishly, Bearish Trend Expected to Persist – May 23, 2024

by Jennifer

Expected Scenario

Wheat price has experienced a bearish bounce after reaching the resistance of the bullish channel depicted on the chart, indicating a downward movement towards the support line of the channel, approximately around $674.50.


Consequently, a bearish bias is suggested for the upcoming trading sessions. A breakthrough of $700.50 would facilitate the attainment of the awaited target. However, it’s noteworthy that breaching $710.00 would halt the anticipated decline and potentially initiate a price recovery.


Expected Trading Range

The projected trading range extends between the support level at $674.50 and the resistance level at $710.00.

Trend Forecast: Bearish

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