Wheat prices have recently broken through the support line of the bearish pennant, signaling a continuation of the downward trend. This movement suggests that prices are set to drop further, with the next significant target at $605.80. Should prices fall below this level, additional bearish pressure could drive them down to $576.90.
For the expected decline to persist, wheat prices must remain below $629.20. A breach of this level could lead to an initial rise towards $652.60 before any renewed downward momentum.
Expected Trading Range:
Support: $600.00
Resistance: $620.00