Wheat prices have shown a clear downward trend, reaching the anticipated target of $652.60. This level represents the 38.2% Fibonacci correction for the rise from $530.10 to $728.30. If prices break below this level, it could trigger further bearish correction, targeting $629.20 next.
The ongoing bearish trend is further reinforced by the negative impact of the head and shoulders pattern. This trend is expected to persist unless the price rallies and breaches the $681.50 mark, maintaining levels above it.
Expected Trading Range
Support: $650.00
Resistance: $670.00
Trend Forecast: Bearish