In the latest analysis of wheat prices, a nuanced picture emerges as the market attempts to gain positive traction.
While wheat prices showed initial signs of positivity, they ultimately closed below the crucial resistance level of $552.80. As the market opens today, a new decline is observed, indicating the continuation of the bearish trend scenario.
Analysts identify key targets for the bearish trend, with support levels expected at $535.00, followed by $525.40. Additionally, Stochastic Momentum indicators indicate a clear loss of positive momentum, further supporting the suggested negative scenario.
Forecasted Trading Range
For today’s trading session, the anticipated trading range for wheat prices is expected to span between $535.00 as support and $557.00 as resistance.
Trend Forecast: Bearish
Given the current market dynamics and the confirmation of the bearish trend, the outlook for wheat prices remains negative. Traders are advised to exercise caution and monitor price movements closely, particularly in relation to the identified support and resistance levels.
