Wheat prices have recently confirmed the breach of the bearish flag pattern’s support line, generating negative momentum that reinforces the continuation of the anticipated bearish trend for the intraday timeframe. The path is now clear to achieve our awaited target at 605.00. It’s noteworthy that a breach of this level would further extend the bearish wave, targeting 585.00 as the subsequent key level.
Hence, the bearish trend remains the prevailing expectation in the upcoming sessions. It is crucial to emphasize the significance of maintaining a position below 639.30 to sustain the anticipated decline.
The projected trading range for today is expected to fluctuate between support at 600.00 and resistance at 625.00.
To summarize, the current trend for today in wheat prices leans bearish, marking the completion of the negative pattern with a potential downside continuation.
