In recent trading sessions, wheat prices have demonstrated a significant move, breaking below the crucial level of $681.50. This development confirms the activation of the head and shoulders pattern, signaling a bearish sentiment in the market. Analysts anticipate a continuation of this downward momentum, with initial targets set at $652.60. Further downside pressure could see prices testing $629.20 as the next negative target.
The bearish outlook for wheat prices remains contingent upon the sustainability of prices below key resistance levels, notably $681.50 and $687.50. Market participants are advised to monitor price action closely, with a focus on these levels to gauge the strength of the ongoing bearish trend.
Expected Trading Range:
Support: $655.00
Resistance: $681.50
Trend Forecast: Bearish