Wheat Price Drops Below Key Support Level, Bearish Outlook Prevails

by Yuki

Wheat prices have fallen below the critical $568.50 level, breaking this support decisively and settling underneath it. A closer examination of the price chart reveals the completion of a head-and-shoulders pattern, which suggests further downside potential. The pattern indicates that prices may dip below the $555.60 mark, with the next significant support target at the recently recorded low of $519.10.

As a result, the outlook for wheat remains bearish for the time being. However, if prices manage to break above the $568.50 to $571.20 range, this could halt the current negative trend and potentially reverse the market into a correctional bullish phase.

For today, the expected trading range for wheat is between the $545.00 support level and the $565.00 resistance.

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