Wheat Price Forecast: Bearish Outlook Following Head and Shoulders Pattern – November 13, 2024

by Jennifer

Wheat prices have decisively broken the $568.50 level and settled below it, completing a head and shoulders pattern on the chart. This technical formation suggests a continuation of the bearish trend, with the potential for prices to fall below $555.60, ultimately targeting the recent low at $519.10.

Given the current market structure, the bearish bias remains in play for today. However, a break above the $568.50–$571.20 range would invalidate the current negative pressure and could lead to a corrective upward movement.

Advertisements

The expected trading range for today is between support at $545.00 and resistance at $565.00.

Advertisements

Trend Forecast: Bearish

You Might Be Interested In

You May Also Like

blank

Bnher is a comprehensive futures portal. The main columns include futures market, futures exchanges, futures varieties, futures basic knowledge and other columns.

[Contact us: [email protected]]

© 2023 Copyright  bedgut.com – Futures Market, Investment, Trading & News