Wheat prices are currently exhibiting a composed bearish bias, with an attempt to breach the significant barrier at 600.00. Notably, the stochastic oscillator has clearly lost its positive momentum, indicating the potential for further declines. Our target price, set at 580.20, remains within reach.
The continuation of this bearish trajectory hinges upon the price’s ability to remain below the critical level of 613.00, serving as the primary condition for sustaining the downward movement. It’s important to recognize that a breach of this level could trigger intraday gains, commencing at 637.50, before any new attempts at further declines.
Today’s expected trading range is anticipated to span from the support level at 590.00 to the resistance level at 610.00.
In summary, the prevailing trend for today leans bearish, with wheat prices gradually descending. The potential for a bullish reversal remains dependent on price behavior around the critical resistance level at 613.00.
