Wheat prices demonstrated upward movement in trading sessions yesterday, reaching the pivotal resistance level of $710. However, market observers note a significant decline in positive momentum within the stochastic indicator, signaling a potential shift towards bearish sentiment. This raises the likelihood of a downward correction, indicating the resumption of the anticipated bearish trend on an intraday basis, with a primary target set at $679.
While the bearish trend scenario holds, there exists the prospect of breaching the $710 resistance level, which could propel prices further upwards, potentially reaching as high as $730.10.
Market analysts anticipate a trading range bounded by a support level of $700 and a resistance level of $715.
In light of these technical indicators, the trend forecast for wheat prices remains bearish, suggesting a cautious approach for traders navigating the current market conditions.