Wheat Futures: WEEKLY SCENARIO

Wheat Futures Technical Analysis: Weekly Chart

In the weekly charts, Wheat Future is trading in a down channel. Wheat Future is currently trading below all SMA

RSI is in the selling zone which indicates bearishness. MACD is currently below zero which indicates bearishness.

Its immediate support is 600.00 the resistance level is at 650.00

Wheat Future will trade in a down channel until its trend reversal.

Wheat Futures Technical Analysis: Daily Chart

In the daily charts, Wheat Futures was trading in a down channel. Wheat Futures is currently trading below all SMA except MA (20)

RSI is in the buying zone which indicates bullishness. MACD is currently below zero which indicates bearishness.

Its immediate support is 600.00 the resistance level is at 640.00

Wheat Futures was traded in a down channel before an upside breakout.  

How to Trade Wheat Futures this Week:

Wheat Futures will follow the downtrend until its trend reversal. So, remain bearish on Wheat Futures

TRADE SUGGESTION- SELL AT 617.90, TAKE PROFIT AT 597.00, AND STOP LOSS AT 640.00