Wheat prices experienced a pronounced downward movement in the previous session, resulting in a clear breach of the intraday bullish channel’s support line, as illustrated on the chart. This development has given rise to a bearish flag pattern, exerting downward pressure on prices in the short term.
The initial target for this bearish move is set at 580.20, and it is crucial to note that a breach of this level would pave the way for further declines, with the next downside target resting at 560.00.
It is essential to maintain a bearish bias for the upcoming trading sessions, unless the price demonstrates the ability to breach the 600.00 resistance level convincingly and maintains a position above it.
For today’s trading activities, traders should anticipate a trading range between the support at 570.00 and the resistance at 600.00.
In summary, wheat prices have entered a bearish phase following the completion of a negative pattern. Traders are encouraged to monitor price movements closely, with a focus on key support and resistance levels, to make informed trading decisions.
