Wheat Weekly Forecast, September 28 – October 2

This/Next Week Forecast
(September 28 – October 2, 2020)

Uptrend scenario
An uptrend will start as soon, as the market rises above resistance level 553, which will be followed by moving up to resistance level 573.
Downtrend scenario
The downtrend may be expected to continue in case the market drops below support level 539, which will be followed by reaching support level 519 and 500.

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 showing fair price between the levels 500 – 540.

Wheat Market Fundamental Analysis Ending Stocks US With World

Long-term Forecast
(Quarter III: July – September, 2020)

Uptrend scenario
The uptrend may be expected to continue, while market is trading above support level 466, which will be followed by reaching resistance level 541 and 573 – 591.
Downtrend scenario
The local downtrend may be expected to continue, while market is trading below resistance level 502, which will be followed by reaching support level 466 and if it keeps on moving down below that level, we may expect the market to reach support level 422.

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

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