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Yesterday, wheat prices showed clear positive movement, approaching the $576.90 level and attempting to sustain above it. However, today’s trading session has begun with a bearish bias influenced by stochastic negativity. This suggests a potential reversal to the downside, aligning with our bearish outlook targeting the $546.00 area as the next significant level.
It’s important to consider that consolidating above $576.90 would interrupt the bearish trend and potentially signal a reversal to the upside.
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For today, the expected trading range for wheat is between the support level of $565.00 and the resistance level of $583.00.
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Trend Forecast: Bearish
