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Wheat Price Analysis: Target Hit with Persistent Bearish Outlook – 18-06-2024

by Jennifer

In line with expectations, wheat prices have maintained their downward trajectory, successfully reaching our awaited target at $605.80. It’s noteworthy that the price concluded the daily candlestick below this level, further solidifying the prospects for continued decline and the potential attainment of new negative targets, with levels nearing $576.90.

Consequently, the prevailing suggestion leans towards a bearish trend in the forthcoming period. However, it’s crucial to acknowledge that a failure to consolidate below $605.80 may prompt the initiation of recovery attempts, potentially leading the price towards the $629.20 mark in the near term.

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Expected Trading Range

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Today’s anticipated trading range is forecasted to fluctuate between the support level of $585.00 and the resistance level of $615.00.

Trend Forecast: Bearish

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