In the wheat market, recent analysis indicates a bearish trend, with prices achieving the awaited target of $652.60. Today’s trading session commenced with further declines, aiming to breach this level and potentially initiate a deeper bearish correction, setting a next target at $629.20.
Experts suggest a continued bearish outlook for the foreseeable future. However, it’s noteworthy that breaking above $652.60 could halt the anticipated decline, prompting the initiation of recovery efforts on an intraday basis.
Traders should take note of the expected trading range, forecasted between a support level of $629.00 and a resistance level of $653.00. This range indicates the potential price movements within which market participants can adjust their strategies accordingly.
In summary, the current trend forecast for wheat prices remains bearish, pending further developments in the market.