Wheat prices have broken through the bearish pennant’s support line, signaling a continuation of the downward trend. This shift indicates a potential move toward the next significant target of $605.80. If this level is breached, further negative pressure could drive prices down to $576.90.
To maintain this bearish outlook, wheat prices must stay below $629.20. Any rise above this level could prompt a temporary increase, with prices potentially testing $652.60 before resuming a downward trajectory.
Expected Trading Range
The anticipated trading range for wheat prices lies between the support level of $600.00 and the resistance level of $620.00.
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