The price of wheat recorded additional negative trades recently, and upon closer examination of the chart, it is observed that the price has completed the formation of a head and shoulders pattern. This pattern reinforces the likelihood of attaining bearish targets, commencing at 585.00 and extending further to 566.50. The overall outlook continues to support a bearish trend for the upcoming period.
The confirmation of this bearish scenario is strengthened by the price moving below the EMA50, indicating the potential continuation of the expected downward wave. This bearish stance remains valid unless there is a breach of the resistance level at 605.00, and a sustained move above it.
The expected trading range for today is anticipated to fluctuate between support at 585.00 and resistance at 605.00.
