Wheat prices demonstrated positive momentum in recent trades, testing the resistance line depicted on the chart. The presence of the EMA50 at this resistance juncture adds further reinforcement, although stochastic indicators exhibit a clear loss of positive momentum.
In light of these factors, our analysis encourages a consideration of a resumption in the anticipated bearish trend on an intraday basis. The initial targets for this bearish outlook begin with a decisive break below the 605.00 level, confirming a potential descent towards 570.00. It is imperative to note that breaching the levels at 617.00 to 620.00 could serve as a catalyst for continued upward movement, leading the price to visit 639.30.
For today’s trading prospects, the expected range is poised between a support level at 600.00 and a resistance level at 625.00. The prevailing trend for the day is anticipated to be bearish, guided by the resistance challenges encountered during the positive attempts.
Market participants are advised to closely monitor the critical support and resistance levels, as well as the evolving stochastic indicators, as they navigate the wheat market amidst the current fluctuating dynamics. Preparedness for potential downward movements is crucial in making informed trading decisions.
