Wheat Price Shows Signs of Recovery: Forecast Analysis for May 24, 2024

by Jennifer

Wheat pricing demonstrated positive movement in recent trading, with a notable test of the key resistance level at $710.00. However, analysts caution that the stochastic indicator is displaying signs of waning positive momentum, indicating a potential bearish reversal and a resumption of the anticipated downward trend in the intraday timeframe. The primary target for this bearish movement is set at $679.00.

Despite this, the current bearish trend outlook remains intact, with the possibility of breaching the $710.00 barrier offering potential for continued upward momentum and the attainment of new gains, potentially reaching as high as $730.10.


Traders are advised to consider the expected trading range, which ranges from a support level of $700.00 to a resistance level of $715.00, as they navigate the evolving market landscape.


Forecast Trend: Bearish

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