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Recent price movements in wheat have been confined within a bearish flag pattern, clearly depicted on the chart. This pattern signifies that a breakout below the 617.00 level would trigger the negative implications of the pattern, propelling the price to resume its primary bearish trend. The initial downside target is set at 605.00.
Therefore, our outlook maintains a bearish stance for the foreseeable future. It’s essential to highlight that breaching the resistance at 639.30 would invalidate the anticipated decline, potentially leading to additional bullish correction on a short-term basis.
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The expected trading range for today is anticipated between support at 605.00 and resistance at 630.00.
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Expected Trend for Today: Overall Bearish
