This/Next Week Forecast (October 5 - 9, 2020)
Uptrend scenario
An uptrend will start as soon, as the wheat market rises above resistance level 591, which will be followed by moving up to resistance level 633.
Downtrend scenario
The downtrend may be expected to continue, while the wheat market is trading below resistance level 591, which will be followed by reaching support level 573 and 543.
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Previous week wheat price forecast
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Fundamental Analysis
Difference between supply and demand showing fair price between the levels 500 - 540.
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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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