In yesterday’s trading session, wheat prices exhibited robust positivity, nearing the awaited target of $700.00. However, it is noteworthy that the price movement is influenced by stochastic negativity, indicating a potential bearish bias and signaling a possible downturn in the forthcoming sessions.
Our analysis suggests a testing of the bullish channel’s support line, anticipated to be around $667.40. This implies an expectation of bearish sentiment prevailing for today, unless the price manages to rally beyond $701.10 and sustain its position above this threshold.
Expected Trading Range:
Support: $675.00
Resistance: $700.00
Trend Forecast:
Amidst the recent positive trading, the trend forecast for wheat prices leans bearish, reflecting the stochastic negativity and the potential for a decline in the near term.