Wheat price experienced pronounced fluctuations in the previous session, initially undergoing a clear decline to reach the 580.00 level. Subsequently, a bullish rebound ensued, propelling the price towards a potential test of the key resistance at 605.00. Notably, this level corresponds to the previously breached neckline of a double top pattern evident on the chart, hinting at the possibility of further declines on both the intraday and short-term basis. The next anticipated main target stands at 573.00.
Adding complexity to the scenario, the stochastic indicator indicates a clear loss in positive momentum, signaling overbought conditions. This could serve as a motivating factor for the price to resume the anticipated bullish wave in the upcoming period. It is imperative to note that this bullish scenario remains valid unless the price surpasses 605.00 and sustains trading above this level.
For today’s trading, the projected range is expected to oscillate between the support at 580.00 and the resistance at 600.00.
In summary, wheat prices are currently exhibiting mixed signals, with traders advised to carefully monitor key levels for potential shifts in market sentiment. The overarching trend for today leans bearish, contingent upon the price holding below the critical resistance level at 605.00.
