Wheat Price Analysis
The price of wheat has clearly broken through the support line of a bearish pennant pattern, indicating a negative momentum that suggests the continuation of a correctional bearish trend. This development opens the path toward the next main target of $605.80. Should this level be breached, it would subject the price to further downward pressure, with the subsequent target at $576.90.
Expected Scenario
To maintain the anticipated decline, it is crucial for the wheat price to stay below $629.20. If this level is breached, it might lead to an initial test of $652.60 before any further negative movement can occur.
Expected Trading Range
- Support: $600.00
- Resistance: $620.00
Trend Forecast
The forecast for the wheat price remains bearish, given the current technical indicators and patterns.
