Wheat prices have demonstrated positive movements, testing the critical resistance level at 639.30. However, the stability below this level persists, and stochastic indicators reveal a clear loss in positive momentum. This scenario enhances the likelihood of a bearish reversal, signaling a resumption of the expected downward trajectory in the upcoming sessions. The primary downside target stands at 605.00.
For a reinforced confirmation of the envisaged bearish scenario, the price must breach the support level at 624.60. Conversely, a decisive breakthrough above the resistance at 639.30 could nullify the anticipated decline, potentially ushering in additional bullish corrections on both intraday and short-term scales.
The projected trading range for the day is expected to fluctuate between the support level at 620.00 and the resistance level at 639.00. Traders are advised to closely monitor price movements and remain adaptable to evolving market conditions. As of now, the prevailing trend for the day aligns with a bearish sentiment, pending further developments.
