Wheat price has encountered renewed downward pressure as it struggled to maintain a position above the critical level of 639.30. The inability to sustain this level has resulted in clear negativity, with the price settling below it once again. This development points towards anticipated negative momentum in the forthcoming sessions, with a target set at 605.00.
Consequently, a bearish trend is expected on the intraday basis. The scenario of decline will be further facilitated with a break below 625.00, while breaching the resistance at 639.30 would alleviate the current negative pressure and propel the price towards the next correctional level at 667.00.
Today’s projected trading range is anticipated between the support level of 615.00 and the resistance level of 637.00.
Projected Trend for Today: Bearish
