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Wheat prices have experienced a sustained decline, leading to the breach of the intraday bullish trend line, with prices now trading below this crucial support level. As a result, the market is likely to face further negative pressure in the upcoming sessions, with the primary target being a test of the 549.70 level.
Consequently, today’s market sentiment leans bearish, further reinforced by the price’s position below the EMA50. It is important to note that a breakout above the 584.50 level could potentially stall the expected downward trajectory and initiate a price recovery.
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The expected trading range for today oscillates between the support level at 560.00 and the resistance level at 580.00.
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Anticipated Market Trend: Bearish
