In the latest market movement, wheat prices exhibited a downturn, with yesterday’s trading session witnessing a dip towards the $670.00 barrier. A detailed examination of the chart reveals the completion of a double top pattern, signaling potential further declines in forthcoming sessions, with a projected target of $647.60.
Consequently, our analysis leans towards a bearish outlook on an intraday basis, underpinned by the formation of the aforementioned pattern. However, it’s crucial to note that a breach of the $700.00 mark would alleviate the prevailing downward pressure, potentially prompting a resurgence of the primary bullish trend.
The anticipated trading range is expected to oscillate between support at $660.00 and resistance at $676.00, providing key levels for market participants to monitor closely.
In summary, the outlook for wheat prices leans towards a bearish trajectory, with the emergence of the double top pattern suggesting potential downside movement in the near term. However, a breach above $700.00 could signify a shift in momentum towards a bullish bias.
