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Wheat Price Analysis and Forecast – June 17, 2024

by Jennifer

Wheat Price Analysis

The price of wheat has clearly broken through the support line of a bearish pennant pattern, indicating a negative momentum that suggests the continuation of a correctional bearish trend. This development opens the path toward the next main target of $605.80. Should this level be breached, it would subject the price to further downward pressure, with the subsequent target at $576.90.

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Expected Scenario

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To maintain the anticipated decline, it is crucial for the wheat price to stay below $629.20. If this level is breached, it might lead to an initial test of $652.60 before any further negative movement can occur.

Expected Trading Range

  • Support: $600.00
  • Resistance: $620.00

Trend Forecast

The forecast for the wheat price remains bearish, given the current technical indicators and patterns.

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