Current Scenario:
Wheat prices have exhibited a bearish reversal after encountering resistance at the upper boundary of the bullish channel on the chart. This reversal suggests a potential decline towards the support line of the channel, positioned around $674.50.
Given this development, a bearish bias is projected for the upcoming sessions. A break below $700.50 would facilitate reaching the anticipated target. Conversely, a breach above $710.00 would negate the bearish outlook and potentially trigger a price recovery.
Expected Trading Range:
Support: $674.50
Resistance: $710.00
Trend Forecast: Bearish
Market participants should monitor these critical levels closely. While the indicators currently favor a bearish trend, any breach of the key resistance level at $710.00 could signal a shift towards recovery, altering the short-term outlook.