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Wheat prices have effectively reached our initial projected target at 549.70. Today, the commodity initiated a new decline, breaking through this level and endeavoring to maintain a position below it. This development serves to strengthen the outlook for the continuation of the anticipated bearish trend in both intraday and short-term perspectives. It is noteworthy that our subsequent target lies at 440.00.
The EMA50 (Exponential Moving Average 50) remains a supportive factor for the envisaged bearish wave, with its validity contingent upon the price sustaining below 558.00.
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The expected trading range for today is envisaged between the support level at 540.00 and the resistance level at 555.00.
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Anticipated Trend for Today: Bearish
