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The wheat price has undergone a significant development by decisively breaking the 605.00 level and closing below it. Analysis indicates the completion of a double top pattern, evident on the chart. This pattern signals an anticipated downward trajectory in the upcoming sessions, with an initial target set around 573.00.
The prevailing bearish sentiment is likely to persist for today’s trading, with the caveat that a breach of 605.00 could alter this outlook, placing the price back into a sideways movement.
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Expected Trading Range: 585.00 (Support) – 610.00 (Resistance)
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Expected Trend: Bearish
