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In the latest analysis of wheat prices, the commodity has successfully surpassed the anticipated target at $552.80 and subsequently broke below it, signaling the continuation of the bearish trend in the upcoming period. Additional downward targets are identified, ranging from $541.80 to $525.40.
The negative scenario is expected to persist on both intraday and short-term bases. However, there is a possibility of breaching the $552.80 level and maintaining a position above it, which could prompt new recovery attempts targeting the testing of $569.80 areas.
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The projected trading range for today is anticipated to fluctuate between support at $545.00 and resistance at $557.00.
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Overall Trend Forecast: Bearish
