Wheat Price Analysis
Recent trading activities in the wheat market have been confined within a bearish pennant pattern evident on the chart. In order to trigger the negative implications of this pattern, the price must breach the $627.00 threshold, which would subsequently lead to a rally signaling the continuation of the correctional bearish trend. The next target in sight stands at $605.80. As such, the prevailing sentiment suggests a continuation of the bearish trend in the near future, with emphasis placed on the importance of maintaining a position below $652.60 to sustain the anticipated decline.
Expected Trading Range
The anticipated trading range is projected to span between the support level at $610.00 and resistance at $640.00.
Trend Forecast: Bearish
Considering the prevailing market conditions and the presence of a negative pattern, a bearish trend is forecasted for wheat prices in the upcoming period.
