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Wheat prices approached the target of $568.50, bouncing back to achieve intraday gains. The market reached the resistance line of the intraday bearish channel, while stochastic indicators suggest a loss of positive momentum. This scenario is anticipated to encourage a resumption of the expected bearish trend in the upcoming period. A significant break below the $568.50 mark could extend the bearish wave, potentially reaching $555.60.
Conversely, should prices continue to rise and breach the $599.00 level, this would halt the bearish trend and shift the market back into a corrective bullish phase.
Today’s expected trading range is set between a support level of $570.00 and a resistance level of $592.00.
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