In today’s forecast for April 16, 2024, wheat price has exhibited positive trading dynamics, testing the previously breached support of the bullish channel. Notably, stochastic indicators have indicated a loss of positive momentum, signaling clear overbought conditions. These factors are expected to reignite the bearish trend in the near future.
The anticipated outlook suggests a continuation of the expected bearish trend, targeting key levels at $552.80, followed by $541.80 as the next main stations for potential price movements.
For the bearish scenario to persist, it is imperative for the price to remain below the $569.80 level. However, breaching this level could lead to additional bullish correction, with the next target around $583.50.
The expected trading range for today is projected to be between $555.00 as support and $572.00 as resistance.
Trend Forecast: Bearish
