In recent trading sessions, wheat prices demonstrated robust positive momentum following a breach of the $614.10 threshold, surging to $630.00. However, the current session commences with evident bearish sentiment, exerting pressure on the $614.10 mark. This development prompts a stance of neutrality as we await confirmation of the price’s trajectory concerning this crucial level, subsequently discerning its forthcoming direction.
The conflicting signals from technical indicators further advocate for a neutral outlook. Notably, a breach of the $614.10 support level could trigger additional downward pressure, potentially leading to an initial retreat to the $597.10 range. Conversely, sustained consolidation above this level could reignite bullish momentum, paving the way for an ascent towards the $641.50 mark as the next notable target.
For today’s trading activity, the support level stands at $600.00, while resistance is anticipated at $625.00. Given the prevailing uncertainties, the trend forecast remains neutral, awaiting clearer signals to delineate future market movements.
