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In the current analysis of wheat prices, a notable downturn was recorded as the commodity breached the $688.00 level, subsequently settling below it. This movement signals a return to the bullish channel, with the trading dynamics within the channel suggesting the formation of an intraday bearish wave. The projected target of this wave is to revisit the support line of the mentioned channel, estimated to be around $645.00.
Consequently, a bearish bias is anticipated for today’s trading session. However, it’s important to note that a breach of $694.50 would halt the anticipated decline, potentially reinstating the primary bullish trajectory.
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Expected Trading Range
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- Support: $665.00
- Resistance: $695.00
Trend Forecast: Bearish
