Wheat Price Analysis:
As of May 31st, 2024, the price of wheat has clearly broken below the support line of its bullish channel and settled beneath it. This marks the beginning of a bearish correction from the rise that started from the $530.10 area. The price is now expected to initially test the $681.50 level, and breaking this level could push the price further down to the next main target at $652.60.
Expected Scenario:
The bearish trend is likely to continue in the short term as long as the price remains below $698.50. Breaching this resistance level would halt the anticipated decline and potentially return the price to its main bullish track. Therefore, staying below $698.50 is crucial for the continuation of the bearish correction.
Expected Trading Range:
Traders should anticipate wheat prices to trade within a range of $680.00 as support and $705.00 as resistance. This range outlines the potential price movements under current market conditions.
Trend Forecast:
Based on the analysis, the trend forecast for wheat is bearish, indicating a continued correction from recent highs. The break below key support levels and the initiation of a correction phase support this outlook, suggesting further declines in the near term.
