Wheat prices have exhibited a notable upward trend, surpassing the $629.20 mark and sustaining a position above it. This development suggests a potential halt to the preceding bearish correction.
However, technical indicators present a contrasting view, with Stochastic signaling negativity and the EMA50 exerting continuous downward pressure on the price.
Analysts anticipate a resumption of the bearish correctional trend, with projected targets extending to $605.80. The reversal of this anticipated decline hinges upon a breach of the $652.60 threshold, potentially paving the way for a return to the primary bullish trajectory.
In terms of expected trading range, support is anticipated around $625.00, while resistance is envisaged near $650.00.
Trend Forecast: Bearish