Wheat Price Forecast for May 28, 2024: Bullish Momentum with a Gapped Opening

by Jennifer

Wheat Price Analysis:

The wheat market commences the trading day with a bullish gap, propelling the price to strongly breach the $710.00 level. This surge indicates a resurgence in the primary bullish trajectory within the visible bullish channel depicted on the chart.


Expected Scenario:


The price trajectory is poised to target $737.30 as the next milestone, with potential further advancement towards $750.00 upon surpassing this level. Sustaining a position above $722.00 is crucial for the continuation of the anticipated upward movement. Conversely, a breach of this level would trigger a reversal towards covering the aforementioned gap initially, followed by a descent towards the support line of the bullish channel, around $684.00.

Expected Trading Range:

The projected trading range extends from the support level of $720.00 to the resistance level of $737.00.

Trend Forecast: Bullish

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