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Wheat price completes negative pattern – Forecast today - 16-05-2024
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Wheat price completes negative pattern – Forecast today - 16-05-2024
May 15, 2024 9:37 PM

Wheat Price Analysis Expected Scenario Wheat price provided new negative trades yesterday to test 670.00$ barrier, and by taking a deeper look at the chart, we find that the price completed forming double top pattern that supports the chances of continuing the decline in the upcoming sessions, waiting to visit 647.60$ as a next main target. Therefore, we will continue to suggest the bearish trend on the intraday basis, taking into consideration that breaching 700.00$ will stop the current negative pressure and push the price to regain the main bullish trend again. Expected Trading Range Between 660.00$ support and 676.00$ resistance.

Trend Forecast: Bearish

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