Wheat prices faced challenges in sustaining levels below 605.00, ultimately breaching and settling below this threshold. This development places the price back within a sideways track, as delineated on the chart with 605.00 serving as support and 639.30 as resistance.
In light of this, we anticipate witnessing sideways trades between the aforementioned levels. It is essential to monitor this range closely, recognizing that a breach of the support level could reignite the main bearish trajectory, directing the price towards the 573.00 areas as an initial station. Conversely, breaking the resistance is pivotal for extending the correctional wave and targeting 667.00 as the subsequent correctional objective.
For today’s trading activities, the expected range oscillates between support at 600.00 and resistance at 625.00, encapsulating potential price movements within the established sideways pattern.
The prevailing trend for today leans towards a sideways sentiment, emphasizing the market’s indecision and the potential for lateral price movements. Traders are advised to remain attuned to key support and resistance levels for potential insights into future market dynamics.
