Wheat price encountered notable negativity in the trading session last Friday, breaching the 605.00 level and settling below it. However, today’s market activity has commenced on a positive note, guiding the price back above this level. This development maintains the scenario of a sideways move on the intraday basis, with the price currently confined between the mentioned support and the 639.30 resistance. A clear trend determination is awaited, contingent upon a breach of either of these levels.
It is imperative to underscore that a break below the support at 605.00 would propel the price towards negative targets, commencing at 573.00. Conversely, a breach of the resistance at 639.30 would set the stage for new gains, reaching up to 667.00 in the near term.
As traders navigate the wheat market, close attention to the potential breaches of support and resistance levels is recommended for a clearer understanding of the next market direction.
The anticipated trading range for today is expected to fluctuate between the support at 595.00 and the resistance at 615.00. The overall trend for today remains sideways, reflecting the current price movements and the indecision in the wheat market.
