Weekly Forecast (August 17 - 21, 2020)
Uptrend scenario
The uptrend may be expected to continue, while the market is trading above support level 487, which will be followed by reaching resistance level 519 and if it keeps on moving up above that level, we may expect the market to reach resistance level 543.
Downtrend scenario
A downtrend will start as soon, as the market drops below support level 487, which will be followed by moving down to support level 466.
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Previous week wheat forecast chart
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Long-term Forecast (Quarter III: July - September 2020)
Uptrend scenario
The uptrend may be expected to continue, while the 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 the 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.
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Wheat Market Fundamental Analysis
The difference between supply and demand shows an oversold market and the fair price at the level of $540.
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