Today, wheat prices extended their decline, breaking through the crucial $556 mark, signaling a continuation of the bearish trend. Analysts foresee a potential drop towards the next support level at $530.10, marking a significant downturn.
Market observers suggest that unless there is a breakout above $576.90, which could relieve downward pressure, the bearish sentiment is likely to persist in upcoming trading sessions. This scenario suggests a cautious outlook for both intraday and short-term traders.
As trading unfolds, the anticipated range for wheat prices is expected to fluctuate between support at $535.00 and resistance at $560.00. These levels will likely dictate the market sentiment as traders await further developments in the commodity markets.
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