Wheat prices have successfully reached our initially projected target at 605.00, establishing a robust support level at this juncture. Notably, the market has formed a double-top pattern, suggesting the potential for a breakout below the mentioned level and paving the way for additional downward targets, with 570.00 identified as a key level in the near term.
The overall outlook maintains a bearish trend for the upcoming period, supported by the price residing below the EMA50. It is crucial to monitor the 617.00 level, as a breach may lead to intraday gains, testing 639.30 before considering any new attempts at a decline.
For today’s market dynamics, the expected trading range is projected to fluctuate between the support level at 595.00 and the resistance level at 625.00.
In summary, the prevailing trend for today leans towards a bearish sentiment in wheat prices, highlighting the successful achievement of initial targets and the potential for further downward movements.
