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Wheat prices remain below the $576.90 level, maintaining the bearish trend scenario for the upcoming period. This is supported by the negative pressure from the EMA50, with the next target set at $556.00.
The continuation of the bearish wave depends on the price staying below the $576.90 – $581.30 range. Breaching this range could trigger an attempt to build a bullish wave on an intraday basis, with targets at $593.00 and $605.80.
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Today’s expected trading range is between the support level of $560.00 and the resistance level of $580.00.
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Trend forecast: Bearish
