The wheat market has reverted to a downward trajectory following a brief uptick observed in recent sessions, with prices now exerting pressure around the $629.20 mark. This downturn is underscored by the closure of daily candlesticks below this level, reinforcing expectations of a sustained bearish trend in the near future, with a potential downside target of $605.80.
Supporting this bearish outlook is the EMA50 indicator, which continues to bolster the anticipated downward movement. This trend is expected to hold unless prices breach the $652.60 threshold and maintain positions above it.
In terms of expected trading dynamics, analysts foresee a range bound by a support level of $610.00 and a resistance level at $640.00.
Trend Analysis: Anticipated Bearish Continuation
The forecast for wheat prices remains bearish, supported by recent market indicators and technical analysis, suggesting a cautious approach for traders in the upcoming trading periods.