Wheat Price Successfully Hits Initial Target Amid Ongoing Bearish Momentum – March 6, 2024

by Jennifer

Wheat prices have effectively reached our initial projected target at 549.70. Today, the commodity initiated a new decline, breaking through this level and endeavoring to maintain a position below it. This development serves to strengthen the outlook for the continuation of the anticipated bearish trend in both intraday and short-term perspectives. It is noteworthy that our subsequent target lies at 440.00.

The EMA50 (Exponential Moving Average 50) remains a supportive factor for the envisaged bearish wave, with its validity contingent upon the price sustaining below 558.00.


The expected trading range for today is envisaged between the support level at 540.00 and the resistance level at 555.00.


Anticipated Trend for Today: Bearish

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