In recent trading sessions, wheat prices have shown a consistent pattern resembling a bearish pennant on the charts. Analysts suggest that for the bearish sentiment to strengthen, the price must breach the $627.00 mark, triggering a potential downward trend. The corrective bearish trajectory is projected to target $605.80 as the next significant level.
Market analysts maintain a bearish outlook for the foreseeable future, emphasizing the importance of maintaining prices below $652.60 to sustain the anticipated decline.
Expected Trading Range
Market expectations indicate a trading range with support at $610.00 and resistance at $640.00.
Trend Forecast: Bearish
This analysis points towards a continuing bearish trend in wheat prices, contingent upon key price levels being breached as outlined.