The wheat price analysis reveals a significant shift in market sentiment as the commodity broke below the bullish channel’s support line, signaling the onset of a bearish correction phase. The decline commenced from the $530.10 mark, with the price now poised to test the $681.50 level initially. Further downside momentum could drive wheat towards the $652.60 mark, serving as the subsequent key support level.
However, it’s crucial to monitor the $698.50 resistance level closely, as a breach of this barrier would negate the anticipated decline, potentially reinstating the primary bullish trajectory.
Expected Trading Range
Traders should anticipate a trading range bounded by the $680.00 support and the $705.00 resistance levels, providing crucial reference points for navigating market movements.
Trend Forecast: Bearish
In light of the recent price action and technical signals, the trend forecast for wheat remains bearish. Traders are advised to exercise caution and employ appropriate risk management strategies amidst heightened volatility and evolving market dynamics.
