Wheat prices have successfully reached our targeted level of $568.50, where they found solid support. This has allowed the price to move positively, pushing above the bearish channel on the chart, indicating potential recovery in the coming sessions. However, the technical indicators are showing negative factors that could weigh on the price and lead to further declines.
Given the current market uncertainty, we recommend staying on the sidelines until a clearer signal for the next trend emerges. A break below $568.50 would likely result in additional losses, potentially reaching $555.60. Conversely, if the price breaches $581.00, it could trigger a recovery, with initial targets at $599.00.
Expected Trading Range for Today: $565.00 – $590.00
Trend Forecast: Neutral
