Wheat Price Analysis
Bearish Trend Continues
Wheat price tested the key resistance at 569.80$ and bounced bearishly from there, keeping the bearish trend active.
Expected Scenarios
- The bearish trend remains supported by moving below the EMA50.
- The waited targets begin at 552.80$ followed by 541.80$.
- Settling below the bullish channel’s support line reinforces the negative overview.
- It is important to hold below 569.80$ to achieve the suggested targets.
Trading Range
The expected trading range for today is between support at 550.00$ and resistance at 567.00$.
Trend forecast: Bearish