Wheat Weekly Forecast For Oct. 12-16

This/Next Week Forecast (October 12 - 16, 2020)

Uptrend scenario
The uptrend may be expected to continue, while market is trading above support level 586, which will be followed by reaching resistance level 633.
Downtrend scenario
An downtrend will start as soon, as the market drops below support level 586, which will be followed by moving down to support level 573 and 539.

previous week wheat price forecast

Fundamental Analysis

Difference between supply and demand showing fair price between the levels 500 - 540.

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.