Wheat price has experienced additional upward movements in recent sessions, surpassing the depicted resistance line on the chart. It is noteworthy, however, that stochastic indicators exhibit clear overbought signals and negative overlapping, indicative of a potential reversal that may prompt the resumption of the bearish trend in the forthcoming sessions. Initial targets for this reversal are anticipated to begin with a test of the 605.00 level.
It is crucial to highlight that the overall negative scenario will persist for the foreseeable period unless the price manages to rally and successfully breach the 639.30 level, substantiated by maintaining a position above it.
As of the current analysis, the projected trading range for today is expected to span between the support level at 605.00 and the resistance level at 630.00. These delineated levels serve as essential reference points for traders navigating the wheat market.
The anticipated trend for today leans overall bearish, with careful consideration advised due to the overbought signals observed. Traders are encouraged to stay vigilant, closely monitoring market dynamics and being attuned to potential shifts in sentiment, particularly regarding the crucial support and resistance levels outlined above.
