Today, wheat prices have successfully reached the anticipated target of $556.00, marking a significant achievement in the market. However, the day began with further declines, signaling a continuation of the prevailing bearish trend. Analysts suggest this could lead to a test of the previous low at $530.10 as the next potential downside target.
The ongoing bearish sentiment is expected to persist in upcoming trading sessions. A decisive breach above $576.90 would alleviate current downward pressure, potentially prompting price recovery on both intraday and short-term bases.
For today’s trading outlook, support is seen at $535.00, while resistance lies at $560.00. This sets the stage for continued volatility within this range.
Trend Forecast: Bearish
