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Wheat Price Analysis
Expected Scenario
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Wheat price encountered significant downward pressure yesterday, breaking below $576.90 and closing the daily candlestick below this level. This suggests a potential continuation of the decline in the upcoming sessions, targeting around $556.00 as the next downside objective.
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Therefore, a bearish bias is expected for today’s trading. It’s important to note that a breach above $583.20 would negate the expected decline and could lead the price to attempt a recovery.
Expected Trading Range
- Support: $565.00
- Resistance: $583.00
Trend Forecast: Bearish
