The price of wheat resumed its downward trajectory, effectively reaching and achieving our initially anticipated target of 617.00. The market outlook suggests an inclination for further descent, with the intention of attaining supplementary negative targets positioned around the 580.20 region.
As things stand, the bearish trend retains its significance and momentum for the foreseeable future, bolstered by the persisting negative influence exerted by the EMA50. It is worth noting that the continuation of this bearish movement necessitates the maintenance of a position below the level of 641.50, serving as a primary prerequisite.
In today’s trading context, the projected scope is forecasted to span between the support at 600.00 and resistance at 630.00.
Anticipated Trend for Today: Bearish
