Wheat Price Heads Towards Support – Forecast for May 29, 2024

by Jennifer

Expected Scenario

Yesterday, wheat price experienced a clear decline, breaking through the $722.00 level and indicating a potential visit to the support line of the bullish channel, estimated around $688.00. Notably, stochastic momentum has gained positivity, further supporting the likelihood of resuming the primary bullish trend.


The forecast suggests a continuation of the overall bullish trend, with the next target situated at $744.50. However, there might be a temporary decline preceding this target to test the aforementioned support level. It is essential to monitor the price action closely, as a break below $688.00 would halt the bullish momentum, potentially initiating a bearish correction on both the intraday and short-term basis.


Expected Trading Range

The expected trading range spans from the support level of $690.00 to the resistance level of $720.00.

Trend Forecast: Overall Bullish

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