Following a bearish rebound from the 639.30 level, wheat prices are reaffirming the validity and persistence of the bearish trend scenario. Traders are advised to remain attentive as the market sets its sights on the next primary target at 605.00.
The crucial level to monitor is 621.80, as a breach would alleviate the conditions for achieving the anticipated target. It’s important to note that the continuation of the bearish wave hinges on the price’s ability to sustain levels below 639.30.
For the current trading session, the expected range is between the support level at 610.00 and the resistance level at 639.00.
In summary, wheat prices are resuming their decline, with close attention directed toward the pivotal support and resistance levels at 621.80 and 639.30, respectively, to gauge the market’s trajectory. Traders should be prepared for potential developments that may influence wheat’s price movements.
