Today, on June 11, 2024, the wheat price has continued its downward trajectory, successfully attaining the previously anticipated target at $629.20. Furthermore, the price surpassed this level, concluding the daily candlestick below it. This development reinforces the likelihood of sustained bearish correction, paving the way for further declines in upcoming sessions, with the next target set at $605.80.
Consequently, the bearish trend is expected to persist on both intraday and short-term bases. It is noteworthy that breaching the $629.20 level would serve as an initial positive signal, potentially initiating a recovery and fostering a bullish wave, with the first target positioned at $652.60.
Expected Trading Range
Market projections indicate a trading range between the support level of $610.00 and the resistance level of $635.00.
Trend Forecast
The forecast for wheat trends remains bearish, subject to potential adjustments based on evolving market conditions.
