WHEAT at Key Resistance - Potential Sell Setup

4 feb

WHEAT is approaching a significant resistance zone, marked by prior price rejections and strong selling pressure. This area has historically acted as a key supply zone, indicating the potential for a pullback if sellers regain control.

The current market structure suggests that if the price confirms a rejection from this resistance zone, there is a high likelihood of a downward move. I anticipate that if rejection occurs, the market may head lower toward the 558.5 level, which represents a logical target within the current market structure.

This setup reflects the potential for a retracement after an impulsive move, supported by the confluence of previous price behavior and the current structure. If you agree with this analysis or have additional insights, feel free to share your thoughts in the comments!

4 feb

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