Wheat prices experienced a decline in recent trading, edging closer to the first anticipated target at $552.80.
Analysts await a potential break below this level, which could extend the bearish momentum towards the next significant target at $541.80. The presence of the EMA50 continues to exert downward pressure, reinforcing the ongoing bearish trend.
The bearish scenario remains viable unless the price manages to rally and surpass the resistance at $569.80, maintaining stability above this level.
The projected trading range is expected to fluctuate between the support level of $550.00 and the resistance level of $576.00.
Overall, the trend forecast for wheat prices remains bearish, with expectations of continued downward movement in the near term.
