Wheat Price Confirms the Break – Forecast for June 5, 2024

by Jennifer

Expected Scenario

Wheat prices have successfully broken the $681.50 level and closed the daily candlestick below it, confirming the activation of the head and shoulders pattern. This signals a bearish correction on an intraday basis, with an initial target of $652.60. Breaking this level will likely push the price towards the next negative target at $629.20.

Therefore, we will continue to suggest a bearish trend for the upcoming period, conditioned by the price stability below $681.50 and $687.50 levels.


Expected Trading Range

Support: $655.00


Resistance: $681.50

Trend Forecast: Bearish

In summary, the wheat price is expected to continue its bearish trend towards $652.60 initially, with further declines to $629.20 if the bearish momentum persists, provided the price remains below the key resistance levels of $681.50 and $687.50.

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