The price of wheat commenced today’s trading session with a notable decline, setting its sights on testing the $569.80 level. This initial movement suggests a potential shift towards a downtrend, prompting analysts to adopt a neutral stance until further clarity is attained regarding the price’s positioning relative to the aforementioned level, thus enabling a more accurate determination of future targets.
Should the price confirm a break below $569.80, it is anticipated to target the $557.20 range initially. However, consolidating above this level would signal a resurgence of the correctional bullish trajectory, with the subsequent target identified at $583.50.
The projected trading range spans between the support level at $560.00 and the resistance level at $580.00, reflecting the current market dynamics.
Trend Outlook: Neutral
