The price of wheat has successfully reached and exceeded our initial target at 578.50, consolidating below this level. This further reinforces expectations of a sustained bearish trend in the near future, with the potential to target the next major level at 549.70.
The EMA50 (Exponential Moving Average 50) continues to exert downward pressure on the price, supporting the continuation of the anticipated bearish trend. It is important to note that a breach above 580.00 might prompt a price recovery and a test of the 605.00 range before any renewed attempts at a decline.
For the current trading session, the expected trading range is poised between the support level at 560.00 and the resistance at 580.00, in line with the prevalent bearish sentiment.
Current Trend: Bearish
