Wheat prices are experiencing new negative trades, exerting pressure on the support line of the triangle that has confined recent trades. This decline is occurring under the influence of negative pressure from the EMA50 against intraday trades, coupled with stochastic indicators approaching negative overlap.
Given these factors, a bearish bias is suggested for today’s trading session. The initial downside targets are set at 580.00. It’s crucial to observe the price action, as a breach above 605.00 would negate the anticipated decline, potentially leading to a reversal in the upward direction.
For today’s trading, the expected range is between the support level at 585.00 and the resistance level at 605.00.
In summary, the wheat market currently leans towards a bearish outlook. Monitoring key support and resistance levels is essential for gauging potential trend developments.
