Wheat prices witnessed a notable downturn in yesterday’s trading session, exerting pressure on the $681.50 level. A closer examination of the charts reveals the completion of a head and shoulders pattern, signaling a potential downward movement towards achieving a bearish correction, with the initial target set at $652.60.
The bearish sentiment is expected to persist in the near term, underpinned by the price trading below the EMA50 indicator. However, a breach above $693.50 could alleviate the current downward pressure and initiate recovery attempts on an intraday basis.
Expected Trading Range: $675.00 support to $690.00 resistance.
Trend Forecast: Bearish