Wheat March Future (CBOT: WH24):

As per the previous recommendation on ‘Wheat’ on 17 January 2024, a ‘Buy’ rating was given on the Commodity at USc 582.08, and noted below are the details of the recommendation summary provided in the previous report:

Technical Analysis summary as on 17 January 2024.

Wheat Daily Chart:

Chicago, IL, USA, 5:15 AM (GMT-6)

Considering the target levels is yet to achieved, but ‘Wheat’ currently trading near a resistance level, and it is prudent to book profits at the current levels. Hence, a ‘Sell’ rating has been provided on the Commodity at the Current Market Price of USc 613.25 as of January 25, 2024.

Note 1: Past performance is neither an indicator nor a guarantee of future performance.
Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is January 25, 2024. The reference data in this report has been partly sourced from REFINITIV.
Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.
Note 4: Dividend Yield may vary as per the stock price movement.

Technical Indicators Defined: -

Support: A level at which the stock prices tend to find support if they are falling, and downtrend may take a pause backed by demand or buying interest.
Resistance: A level at which the stock prices tend to find resistance when they are rising, and uptrend may take a pause due to profit booking or selling interest.
Stop-loss: In general, it is a level to protect further losses in case of any unfavourable movement in the stock prices.