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Wheat prices are continuing their downward trajectory, with a bearish bias likely to bring them closer to the anticipated target of $543.00. This negative pressure is largely attributed to the completion of a head and shoulders pattern, which is expected to push prices toward further downside targets, potentially reaching the recent low of $519.10.
The prevailing bearish trend is expected to persist in the near term, barring a significant price reversal. A rally above the $568.50 resistance level, followed by sustained trading above $572.60, would be required to shift the current trend.
For today, the trading range is expected to fluctuate between support at $540.00 and resistance at $558.00.
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