The wheat market encountered a significant barrier as prices tested the crucial resistance level at $569.80. However, the attempt to breach this resistance was met with a bearish bounce, affirming the continuation of the bearish trend.
Market analysis suggests that the bearish momentum remains intact, especially as prices remain below the EMA50 indicator. Anticipated targets for the downward movement commence at $552.80, followed by $541.80. Furthermore, a settlement below the support line of the bullish channel would further reinforce the negative outlook.
Crucially, maintaining below the resistance level at $569.80 is imperative to realize the suggested targets.
Traders are advised to navigate within today’s expected trading range, which ranges from support at $550.00 to resistance at $567.00.
The trend forecast underscores a bearish sentiment, reflecting the prevailing downward pressure on wheat prices. Market participants should closely monitor market dynamics and adapt their strategies accordingly to navigate the current trend.
