Wheat prices displayed a clear negative trend in yesterday’s trading session, drawing closer to the support line, which is currently situated at 578.50. The next strategic move, as suggested, is to surpass this support level, which would pave the way for further declines and the achievement of subsequent negative targets, with the next one anticipated at 549.70.
The bearish scenario continues to be the prevailing trend, and it remains active for the foreseeable future. This trend is underpinned by the influence of the EMA50, which exerts downward pressure on the price. It is essential to note that the longevity of this bearish phase hinges on the price’s ability to maintain its position below the 605.00 level.
Today’s Expected Trading Range and Trend
The expected trading range for the current day is projected to range between 570.00, providing support, and 586.00, representing a resistance level. The overall trend for today continues to be bearish, in line with the sustained negative sentiment surrounding wheat prices.
Market participants are advised to closely monitor these developments as they position themselves in response to the evolving dynamics in the wheat market.
