Wheat Prices at Crossroads – March 13, 2024 Forecast

by Jennifer

Wheat prices made an attempt to breach the 552.80 level, encountering formidable resistance substantiated by stochastic negativity. Concurrently, the EMA50 provides positive support, resulting in a conflicting scenario between technical factors. Consequently, a neutral stance is maintained until a clearer signal emerges for the next trend.

A successful breach of 552.80, coupled with sustained levels above it, could activate a correctional bullish wave, with the next target identified at 569.80. Conversely, breaking the support at 547.80 may prompt a decline, targeting 525.40 and subsequently 500.00 as primary negative milestones.


The anticipated trading range for today is expected to fluctuate between support at 540.00 and resistance at 565.00.


Trend Forecast: Neutral

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