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In the latest price analysis, wheat exhibited significant negativity, pressuring the $681.50 level. A closer examination of the chart reveals the completion of a head and shoulders pattern, signaling a potential break below the mentioned level and a subsequent rally towards achieving a bearish correction, with the initial target set at $652.60.
The prevailing bearish trend is expected to persist in the upcoming period, supported by the price’s position below the EMA50. However, a breach above $693.50 would alleviate the current negative pressure and initiate intraday recovery attempts.
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Traders should prepare for trading within the range bounded by support at $675.00 and resistance at $690.00.
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Trend Forecast: Bearish
