Wheat Price Analysis:
In recent trading sessions, wheat prices have displayed a notable rebound, surpassing the $629.20 threshold and establishing a foothold above it. This upward movement suggests an effort to counter the preceding bearish trend.
However, indicators such as Stochastic currently exhibit negative signals, while the Exponential Moving Average 50 (EMA50) exerts sustained downward pressure on the price.
Expected Scenario:
Despite the recent positive movement, there remains a possibility of a resumption of the corrective bearish trend, with potential targets extending towards the $605.80 mark.
A significant development would be the breach of the $652.60 level, which could signify a halt to the anticipated decline and pave the way for a potential return to the primary bullish trajectory.
Expected Trading Range:
Market analysis indicates a probable trading range between the support level at $625.00 and the resistance level at $650.00.
Trend Forecast:
In line with current market conditions and indicators, the trend forecast leans towards a bearish outlook for wheat prices.
