Wheat prices persist in a gradual decline, finding themselves positioned below the crucial 600.00 barrier. This trend underscores the anticipation of an ongoing bearish trajectory, both in the intraday and short-term perspectives. It is noteworthy that the stochastic oscillator continues to lose its positive momentum, providing further credence to the expectations of further price depreciation.
As such, the scenario of a bearish trend remains not only valid but also actively in play, with the next targeted support level situated at 580.20. It’s imperative to emphasize the significance of maintaining a position below the 613.00 level as a prerequisite for the continuation of the expected decline.
For today’s trading, the projected range is expected to encompass 585.00 as a support threshold and 605.00 as a resistance barrier. Market participants should monitor this range closely, as a decisive movement beyond its bounds may offer critical insights into potential price developments.
In summary, wheat prices have encountered a loss of momentum and continue to exhibit a bearish outlook, with market expectations geared towards a decline. The pivotal level of 600.00 serves as a key marker for traders, with the next target set at 580.20.
