Wheat Price Analysis
Wheat prices have recently made repeated attempts to surpass the $576.90 mark but concluded Friday’s session below this level, thereby maintaining a bearish trend outlook for the near future. The next significant target is anticipated around $546.00.
The EMA50 indicator continues to apply downward pressure on the price, reinforcing expectations for further declines. However, a breakthrough above $576.90, followed by $584.00, would invalidate the current bearish trend and potentially trigger a reversal towards upward movement.
Expected Trading Range
Market projections suggest a trading range with support at $565.00 and resistance at $583.00 for the immediate trading sessions.
Trend Forecast: Bearish
The trend forecast remains bearish for wheat prices in the short term.
