3
Wheat prices experienced a bearish rebound after testing the resistance line of an intraday bearish channel, indicating a potential continuation of the expected downtrend. The price is projected to initially test the support level at $568.50. A break below this level could drive prices further down to a significant target of $555.60.
The 50-day Exponential Moving Average (EMA50) reinforces this bearish outlook, which remains valid unless prices rally to breach and maintain a position above $599.00.
Today, the anticipated trading range for wheat is between a support level of $568.00 and a resistance level of $586.00.
Related topic: