In recent trading sessions, wheat prices have experienced a noteworthy decline, edging closer to the anticipated target of 580.20. This downtrend has been substantiated by consistent downward pressure from the EMA50, lending credence to the possibility of extending these losses and setting the stage for further declines, with a potential downside target of 560.00.
Maintaining a bearish outlook for the near term seems prudent. It’s essential to keep in mind that a breach of the 608.00 level would interrupt this anticipated downward trajectory, possibly leading to intraday recovery attempts.
For today’s trading, it’s essential to be aware of the expected trading range, which may fluctuate between support at 575.00 and resistance at 600.00.
In summary, the prevailing trend suggests a bearish sentiment in the wheat market, with a cautious eye on the pivotal 608.00 level for any signs of trend reversal.
