Weekly Forecast
(August 31 - September 4, 2020)
Uptrend scenario
The uptrend may be expected to continue, while the wheat market is trading above support level 539, which will be followed by reaching resistance level 573.
Downtrend scenario
A downtrend will start as soon, as the wheat market drops below support level 539, which will be followed by moving down to support level 516.
Previous week wheat price forecast
Fundamental analysis
According to fundamental analysis difference between supply and demand shows that market has reached fair price at the level $540 and now further price fluctuation will be determining by technical analysis.
Long-term Forecast
(Quarter III: July - September, 2020)
Uptrend scenario
The uptrend may be expected to continue, while the wheat 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 wheat 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 wheat market to reach support level 422.
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