On February 8, 2024, the wheat price exhibited notable positive movements, testing the pivotal resistance level at 605.00. Despite attempting to breach this level, the daily close remained below it, thus preserving the prevailing bearish trend outlook for the foreseeable future. The anticipated trajectory aims at reaching the 580.00 areas as a primary target.
A decisive break below the 600.00 level would strengthen expectations for a decline in today’s session. Conversely, breaching the resistance at 605.00 holds the key to a potential reversal, initiating a bullish wave with the initial target set at 614.50.
The envisaged trading range for the day is expected to fluctuate between the support level of 590.00 and the resistance level of 610.00.
Projected Trend for Today: Bearish
