Wheat Price Approaches Initial Target, Bearish Trend Intact – 17-04-2024

by Jennifer

Wheat prices experienced a decline in recent trading, edging closer to the first anticipated target at $552.80.

Analysts await a potential break below this level, which could extend the bearish momentum towards the next significant target at $541.80. The presence of the EMA50 continues to exert downward pressure, reinforcing the ongoing bearish trend.

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The bearish scenario remains viable unless the price manages to rally and surpass the resistance at $569.80, maintaining stability above this level.

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The projected trading range is expected to fluctuate between the support level of $550.00 and the resistance level of $576.00.

Overall, the trend forecast for wheat prices remains bearish, with expectations of continued downward movement in the near term.

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