Wheat prices have recently retested the broken neckline of the double top pattern and have consistently held below it, confirming the negative stability. This reinforces the validity and activity of the bearish trend scenario, with an anticipation of a bearish rebound that initiates a downward wave, with the primary target set at 573.00.
The ease of achieving the expected decline and reaching the awaited target is contingent on breaking the resistance level at 595.50. It is crucial for the negative scenario to persist that the price remains below 605.00.
Today’s expected trading range is projected to fluctuate between the support level at 590.00 and the resistance at 607.00. These levels are pivotal for traders, providing insights into potential price movements.
In summary, the expected trend for today remains bearish in wheat prices, with the negative stability below the double top pattern’s neckline. Traders are advised to closely monitor the levels of 595.50 and 605.00 for a comprehensive understanding of potential market shifts.
