In line with expectations, wheat prices have maintained their downward trajectory, successfully reaching our awaited target at $605.80. It’s noteworthy that the price concluded the daily candlestick below this level, further solidifying the prospects for continued decline and the potential attainment of new negative targets, with levels nearing $576.90.
Consequently, the prevailing suggestion leans towards a bearish trend in the forthcoming period. However, it’s crucial to acknowledge that a failure to consolidate below $605.80 may prompt the initiation of recovery attempts, potentially leading the price towards the $629.20 mark in the near term.
Expected Trading Range
Today’s anticipated trading range is forecasted to fluctuate between the support level of $585.00 and the resistance level of $615.00.
Trend Forecast: Bearish
