Wheat Price Analysis
Expected Scenario
The wheat price continues to exhibit a bearish bias, moving further away from the $576.90 level. This reinforces the expectations of a continued bearish trend, organized within the bearish channel visible on the chart. The next target is set at $554.00.
The EMA50 continues to support the suggested bearish wave, which will remain valid as long as the price stays below the $576.90 level.
Expected Trading Range
Traders can expect wheat prices to trade within a range of $560.00 support to $575.00 resistance.
Trend Forecast
The trend forecast for wheat remains bearish, provided the price maintains stability below the key resistance level.
Investors and traders should monitor these levels closely to navigate today’s wheat market effectively.
