Wheat prices have settled below the $576.90 level, reinforcing the bearish trend forecast for the near future. This downward trajectory is bolstered by the negative pressure exerted by the EMA50 indicator. The next target is projected at $556.00.
The persistence of the bearish trend is contingent on the price remaining below the $576.90 to $581.30 range. A breach above this range could signal an attempt to initiate a bullish wave on an intraday basis, with initial targets at $593.00, followed by $605.80.
Today’s anticipated trading range is between $560.00 support and $580.00 resistance.
Related topics:
Iran Boosts Wheat Purchases from Domestic Farmers
Global Agricultural Markets Navigate Uncertain Weather and Policy Impacts
U.S. Farmers Defy Weather Challenges to Plant Corn and Soybean Acreage