Wheat Price Analysis
The wheat price remains below the broken support of the bullish channel, maintaining the correctional bearish trend scenario for the upcoming period. The price is expected to decline further, with an initial target of $681.50. A break below this level could extend the bearish wave, reaching $652.60 as the next target.
Expected Scenario
We continue to suggest a bearish trend for the near term, provided the price holds below $705.50. Breaching this resistance level would invalidate the negative scenario and could push the price to resume its main bullish trend.
Expected Trading Range
Support: $680.00
Resistance: $705.00
Trend Forecast: Bearish
The technical indicators suggest that the bearish trend is likely to persist. Traders should watch the $681.50 level closely; a successful break below this point could lead to further declines towards $652.60. Conversely, a breach of $705.50 would halt the bearish outlook and potentially lead to a resumption of the bullish trend.
