According to market analysis, wheat prices are anticipated to uphold a bearish trajectory, settling below the recently breached support line of the bullish channel. This trend suggests a continuation of corrective bearish movements in the forthcoming period, with an initial target of $681.50. Analysts caution that a breach of this level could exacerbate the downward momentum, leading to a further decline towards $652.60.
Critical to sustaining the projected downturn is the maintenance of prices below $705.50. Any breach of this resistance level could nullify the bearish scenario, potentially prompting a resurgence of the primary bullish trend.
Market observers have outlined the expected trading range to oscillate between a support level of $680.00 and a resistance level of $705.00.
In light of these analyses, the overall trend forecast for wheat prices remains bearish.