Wheat Price Consolidates Within Symmetrical Pattern – Analysis for 01-03-2024

by Jennifer

The wheat price has recently experienced negative trades, characterized by a weak positive momentum. Currently, the price is contained within a symmetrical triangle pattern as depicted on the chart. Given the current scenario, a prudent approach is to observe and stay on the sidelines until a clearer signal emerges for the next trend.

Clarity in the market direction will come with either the breach of the support level at 565.80 or the breaking of the resistance at 583.70. A breakdown of the support would prompt the price to resume its primary bearish trend, targeting initial downside objectives starting at 549.70. Conversely, a breach of the resistance level signifies a pivotal point for initiating recovery efforts, with targets set at testing 593.00 and subsequently 605.00 as the next key levels.


The projected trading range for today is anticipated to fluctuate between the support at 565.00 and the resistance at 580.00, underscoring the current neutral sentiment in the market.


Expected Trend for Today: Neutral

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