Expected Scenario
Wheat prices have successfully broken the $681.50 level and closed the daily candlestick below it, confirming the activation of the head and shoulders pattern. This signals a bearish correction on an intraday basis, with an initial target of $652.60. Breaking this level will likely push the price towards the next negative target at $629.20.
Therefore, we will continue to suggest a bearish trend for the upcoming period, conditioned by the price stability below $681.50 and $687.50 levels.
Expected Trading Range
Support: $655.00
Resistance: $681.50
Trend Forecast: Bearish
In summary, the wheat price is expected to continue its bearish trend towards $652.60 initially, with further declines to $629.20 if the bearish momentum persists, provided the price remains below the key resistance levels of $681.50 and $687.50.
