The trajectory of wheat price remains entrenched in a descending pattern, with a pronounced bearish inclination pushing it closer to the 600.00 threshold. This accentuates the prevalent convictions surrounding the persistence of the bearish trajectory in both the intraday and short-term contexts. Furthermore, this trajectory paves the way for an advance towards the subsequent anticipated target positioned at 580.10.
The compelling force of this bearish movement is underscored by the influence exerted by the EMA50, serving as a harbinger of the ongoing bearish wave. This trajectory is slated to maintain its validity, unless a reversal of fortune is marked by the price’s ability to rally beyond 668.50 and maintain its positioning above this level.
The spectrum within which trading activities are poised to evolve for the day is projected to oscillate between the supportive foundation of 600.00 and the resistant echelon at 625.00.
Today’s projected trajectory adheres to a bearish sentiment, mirroring the overarching trend indicative of a market disposition characterized by a downward trajectory.
