The wheat price has experienced a pronounced downtrend, marked by a clear negative trend that has broken through the crucial support level of 547.80. This development signals a resurgence of the primary bearish trend scenario, indicating a renewed momentum towards further declines. The anticipated trajectory aims to achieve negative targets, commencing at 525.40 and potentially extending to 500.00.
Consequently, a bearish bias is expected to prevail for today’s trading session, reinforced by the downward pressure exerted by the EMA50 indicator. It is worth noting that a breach of the resistance level at 552.80 could halt the anticipated decline and prompt a bullish correction on an intraday basis.
The projected trading range for today is forecasted to fluctuate between the support level of 530.00 and the resistance level of 550.00, reflecting the prevailing market dynamics.
Trend Forecast: Bearish Movement
