In a marked shift, wheat prices exhibited significant downward movement in yesterday’s trading session, breaching the critical 595.00 support level and subsequently settling below it. This abrupt decline has effectively halted the previous corrective bullish scenario, steering the market back towards resuming the primary bearish trend. The new target in sight involves a testing phase for the 572.50 support, followed by a focus on the 549.70 level as the primary negative price objectives.
Further corroborating this bearish outlook is the price’s descent below the EMA50 (Exponential Moving Average 50), reinforcing expectations of a continued decline. The validity of this bearish sentiment persists unless the price mounts a rally to surpass the 605.00 threshold and manages to maintain a position above it.
For today’s trading activities, market analysts anticipate a trading range between the 565.00 support and 585.00 resistance, underlining the bearish outlook that is currently dominating the wheat market. Market participants are closely monitoring these developments as they navigate the evolving price dynamics.
