Wheat prices exhibited a pronounced downward bounce, effectively reaching the anticipated target at 605.00. Analysts propose the sustained adoption of a bearish bias, with expectations for the commodity to surpass this level and pursue additional negative targets, particularly focusing on 589.00 as the next key station.
The negative pressure stemming from the EMA50 reinforces the outlook for continued decline, a trend that remains valid as long as the price maintains stability below the critical threshold of 639.30.
Investors and traders are advised to closely monitor the projected trading range for today, which spans between the support level of 595.00 and the resistance level of 620.00. This range serves as a crucial metric for assessing potential price movements and guiding strategic decision-making.
In summary, wheat prices are on the verge of meeting the awaited target, supported by evident bearish momentum. The persistence of negative pressure, coupled with the maintenance of price stability below 639.30, underscores the likelihood of continued bearish trends in the short term.
