Wheat Weekly Forecast, October 19 - 23

This/Next Week Forecast (October 19 - 23, 2020)

Uptrend scenario

The uptrend may be expected to continue in case the wheat market rises above resistance level 633, which will be followed by reaching resistance level 705.

Downtrend scenario

A downtrend will start as soon, as the wheat market drops below support level 616, which will be followed by moving down to support level 586.

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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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