Wheat Price Requires Positive Momentum – Forecast for September 3, 2024

by Jennifer

Wheat prices remain within an intraday bullish channel, poised to resume their upward trend. The next target for this bullish movement is set at $564.60, which will maintain the positive outlook for the near term.

The 50-day Exponential Moving Average (EMA) supports the current uptrend, reinforcing expectations of continued gains. However, a breach of the $547.50 level would be the first sign of a potential reversal, suggesting a shift towards a bearish trend and initiating a decline towards the $532.00 support level.

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Today’s expected trading range for wheat is between $540.00 for support and $560.00 for resistance.

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Trend Forecast: Bullish

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