Wheat prices have recently made attempts at recovery, with a focus on testing the crucial EMA50 resistance level. Despite these positive movements, there are signals of potential downside, as indicated by the stochastic oscillator’s clear negative trends. This suggests the possibility of resuming the anticipated bearish trend in both intraday and short-term scenarios, with initial targets set at surpassing 580.20 and progressing toward 560.00.
To maintain a bullish outlook, it is essential for the price to remain below the 608.00 level.
For today’s trading outlook, experts suggest a range between 580.00 as the support level and 605.00 as the resistance level.
The prevailing trend anticipated for today remains bearish, contingent on price stability below 608.00. Traders and analysts will be closely monitoring these levels as they assess the future direction of wheat prices.
