The wheat price demonstrates fluctuations in the vicinity of the Exponential Moving Average 50 (EMA50). Notably, the stochastic indicator has relinquished its positive momentum, indicating evident overbought indications at present. This scenario is poised to reignite the anticipated downward movement in the short-term, with the primary targets situated at 617.00, followed by the subsequent key level of 580.20.
The pivotal factor for sustaining the projected decline remains the maintenance of levels below 641.50. A successful breach of this level establishes the initial requirement to persist in the anticipated descent. Furthermore, surpassing this point would compel the price to probe the critical resistance at 668.50 before any prospective reattempt at a downward trajectory.
The projected scope of trading for today is projected to extend between the support at 620.00 and the resistance at 645.00.
Projected trend for today: Bearish
