Wheat price witnessed a significant downturn in the previous trading session, marked by a robust decline that breached the critical support level at 572.00, with the price settling below this key threshold. This bearish development has steered the commodity towards achieving negative targets, initiating a downward trajectory with initial goals set at 549.70, followed by 540.00.
The prevailing bearish sentiment is reinforced by the negative pressure exerted by the EMA50. It is essential to highlight that a decisive breach of the 572.00 level is required for the price to regain upward momentum and potentially embark on building a bullish wave on an intraday basis.
For today’s trading, the expected range is projected to be between the support at 550.00 and the resistance at 567.00. Traders are advised to closely monitor these levels, as they provide crucial insights into potential market movements.
Expected Trend for Today: Bearish
