Wheat prices have persistently exhibited negative trading patterns, reaching the anticipated target at 605.00. The movement below the EMA50 has intensified negative pressure, reinforcing the potential for surpassing this level and initiating further declines on an intraday basis. The next objective is set at 587.50, with the expectation of breaching the preceding level.
The ongoing bearish trend is likely to endure in the upcoming sessions. Attention should be given to the critical level of 617.40, as a breach of this point would interrupt the anticipated decline, potentially prompting a recovery in price.
As of today, the projected trading range is delimited by the support level at 590.00 and the resistance level at 620.00.
The prevailing trend for today remains bearish, subject to market dynamics. Traders are advised to closely monitor key levels, particularly 617.40, as it holds significance in determining the broader market sentiment.
