Wheat prices have successfully reached the initial anticipated target at 572.50. It is noteworthy that the stochastic indicator is displaying a clear loss of positive momentum, indicating a potential trigger for the resumption of the expected bearish trend in the forthcoming period, with the next target set at 549.70.
The ongoing support from the EMA50 reinforces the projected bearish wave, maintaining its validity unless the price demonstrates a rally to breach the levels of 590.30, followed by 605.00, and successfully holds above them.
The projected trading range for the current session is anticipated to fluctuate between the support at 560.00 and resistance at 585.00.
The prevailing trend for today is expected to be bearish, contingent upon the indicated technical factors.
