The wheat price exhibits a positive shift in its trading trajectory, manifesting as an attempt to test the 50-day Exponential Moving Average (EMA50), which poses as a substantial resistance factor. Notably, this endeavor transpires concurrently with a decline observed in the stochastic indicator, indicative of a visible deceleration in positive momentum. These dynamics collectively serve as a precursor, prompting the price to reinitiate the anticipated bearish trend in the imminent period. Within this context, the subsequent focal point of descent is situated at 580.10.
An important consideration is the prospect of exceeding the current levels, a feat that would propel the price towards a consequential juncture. This involves the pivotal resistance zone at 668.50, a metric of paramount significance for both intraday and short-term trades. This zone would constitute a pivotal threshold preceding any prospective descent.
The projected trading range for the current trading session spans from the foundational support mark at 610.00 to the opposing resistance stronghold at 650.00. In alignment with the prevailing trend sentiment, the overarching trajectory remains inclined towards a bearish disposition, signaling an anticipation for a downtrend in the valuation of wheat price for the day.
