Wheat Price Analysis
In recent trading sessions, the price of wheat has continued its downward movement, successfully reaching our anticipated target at $576.90. Notably, the price breached this level and closed below it on the last daily candlestick, indicating potential for further downward pressure in the near term. The next downside target is projected at $560.80, underscoring the prevailing bearish sentiment.
Expected Scenario
Today’s forecast maintains a bearish outlook for wheat prices. The ongoing negative momentum suggests further declines towards the next target at $560.80. A decisive breach above $576.90 would signal potential recovery attempts, targeting resistance levels at $598.90 and $605.80 before any renewed downside pressures.
Expected Trading Range
- Support: $560.00
- Resistance: $580.00
Trend Forecast: Bearish
