Markets at Key Levels: Breakout or Reversal Ahead?

Key Market Levels and Price Reactions

Wheat Futures (CBOT – 1D)

Wheat Futures Stuck in a Range – Breakout or Continuation?

Wheat futures trade between 5200 support and 6200 resistance. A breakout could set the next trend, while rejection keeps price in consolidation.

Wheat futures are currently trading in a horizontal range, with key resistance at 6200 and support around 5200. The price recently tested the mid-range zone but faced rejection, signaling that sellers remain active at this level. A breakout from this consolidation pattern could determine the next major trend direction, either pushing wheat prices higher or leading to a further retracement. Traders are watching for volume confirmation to anticipate the next move.

Copper CFDs (1D – Capital.com)

Copper Approaches Key Resistance at $5.17 – Breakout or Reversal?

Copper nears $5.17 resistance. A breakout could push it to $5.40, while rejection may lead to a pullback toward $4.90 support.

Copper prices have surged toward the critical resistance zone at $5.17, a level that previously triggered a sharp pullback. If the price fails to break above this area, a retracement toward $4.90 could follow as sellers regain control. However, a confirmed breakout above $5.17 may fuel further upside, with the next target at $5.40 and beyond. Traders are closely monitoring price action at this key resistance level for potential trend continuation or rejection.

S&P 500 Index (1D – SPX)

S&P 500 Tests 5,700 Resistance – Can Bulls Reclaim Momentum?

S&P 500 bounces from 5,540 support, now eyeing 5,700-5,800 resistance. A breakout could target 6,100, while failure may lead to a deeper pullback.

The S&P 500 has rebounded from its rising trendline, establishing support near 5,540. Now, the index is attempting to reclaim the 5,700 – 5,800 resistance zone, a key level that could determine the next major move. A breakout above this area could drive prices back to all-time highs near 6,100. However, failure to hold above the trendline could trigger a deeper retracement, putting lower support levels in focus.

Brent Crude Oil (1H – BlackBull)

Brent Crude Oil Approaches $72 – What’s Next?

Brent crude oil nears $71.90-$72.10 resistance. A breakout could extend gains to $74.00, while rejection may push prices toward $69.50 or $68.00 support.

Brent crude oil remains within an ascending channel, currently testing resistance at $71.90-$72.10. A strong breakout above this zone could drive prices toward $74.00, extending the uptrend. However, if sellers step in, a pullback toward $69.50 is possible, with $68.00 serving as a key demand zone. Traders are watching for confirmation to determine the next major move.

Overall, these markets are trading near critical levels, making upcoming price actions crucial in determining future trends.