As of February 20, 2024, wheat prices persist in their downward trajectory, edging closer to the awaited downside target at 549.70. The prevailing bearish sentiment suggests a sustained negative outlook, with an additional decline anticipated to reach 535.00, followed by 520.00 levels as subsequent bearish milestones.
The supportive role of the EMA50 bolsters the suggested bearish wave, and its validity is contingent upon the price maintaining stability below 567.00.
Traders are advised to monitor the expected trading range for the day, spanning between the support level at 540.00 and the resistance level at 562.00.
In summary, wheat prices are poised for further decline, and the bearish trend remains intact as long as prices remain below 567.00.
