Wheat Thursday Forecast

Thursday Forecast

Uptrend scenario
The uptrend may be expected to continue, while market is trading above support level 591, which will be followed by reaching resistance level 612 – 616.
Downtrend scenario
An downtrend will start as soon, as the market drops below support level 591, which will be followed by moving down to support level 573.

Chart Wheat This/Next Week Forecast, Technical Analysis

This/Next Week Forecast (November  9 – 13, 2020)

Uptrend scenario
An uptrend will start as soon, as the market rises above resistance level 615, which will be followed by moving up to resistance level 633.
Downtrend scenario
The downtrend may be expected to continue, while market is trading below resistance level 615, which will be followed by reaching support level 591 and if it keeps on moving down below that level, we may expect the market to reach support level 573.

Chart Wheat This/Next Week Forecast, Technical Analysis

previous week wheat price forecast
Chart Wheat This/Next Week Forecast, Technical Analysis

Fundamental Analysis

Difference between supply and demand shows fair price between the levels 500 – 540.

Wheat Market Fundamental Analysis Ending Stocks US With World

Monthly Forecast

Uptrend scenario
The uptrend may be expected to continue in case the market rises above resistance level 633, which will be followed by reaching resistance level 705.
Downtrend scenario
An downtrend will start as soon, as the market drops below support level 591, which will be followed by moving down to support level 573 and 543.

Chart Wheat Forecast 2020, Long-term Outlook, Technical Analysis

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