Wheat prices have successfully reached our initial anticipated target at 580.20, currently trading in proximity to this level. The market is now awaiting a potential break below this support to confirm an extension of the prevailing bearish momentum, with the next target zone lying around 560.00. The negative influence of the EMA50 is contributing to the downward pressure on prices.
As a result, the bearish scenario remains in play for the foreseeable future. However, it’s important to monitor the potential breach of the 600.00 level, which would negate the expected decline and open the door for attempts at an intraday and short-term bullish reversal.
Today’s expected trading range is forecasted to range between support at 570.00 and resistance at 595.00. The overall trend bias for today remains bearish, with the potential for a shift if 600.00 resistance is breached.
Today’s Expected Range: 570.00 (Support) – 595.00 (Resistance)
Anticipated Trend for the Day: Bearish
