Wheat prices recently endeavored to exceed the anticipated target at 639.30. However, a robust resistance barrier at this level has impeded further advancement, raising the prospect of a potential reversal in the trend towards a decline. Analysts now anticipate a movement towards the 605.00 areas in the near term.
Today’s market outlook suggests a prevailing bearish bias. It is crucial for investors to monitor price movements closely, with a breach above 639.30 potentially signaling a halt to the anticipated decline and opening the door for further bullish corrections in subsequent sessions.
The projected trading range for the day is expected to fluctuate between the support level at 620.00 and the resistance level at 640.00.
Expected Trend for Today: Bearish
