The price of wheat has successfully reached our previously forecasted target at 580.20 and has discovered substantial support at this level. As a result, a temporary bullish sentiment has emerged. However, it’s important to note that the stochastic oscillator has lost its positive momentum and is now displaying clear overbought signals. This development may act as a catalyst for the price to resume its bearish trajectory, surpassing the aforementioned level and setting its sights on the next downside target at 560.00.
The bearish outlook remains intact for the foreseeable future, unless there is a decisive breach of the 608.00 level, coupled with the ability to maintain a position above it.
Today’s expected trading range is bounded by support at 570.00 and resistance at 600.00.
The projected trend for today is indicative of a bearish bias.
Traders should closely monitor price movements for potential shifts in market dynamics.
