Wheat prices made an attempt to breach the 552.80 level, encountering formidable resistance substantiated by stochastic negativity. Concurrently, the EMA50 provides positive support, resulting in a conflicting scenario between technical factors. Consequently, a neutral stance is maintained until a clearer signal emerges for the next trend.
A successful breach of 552.80, coupled with sustained levels above it, could activate a correctional bullish wave, with the next target identified at 569.80. Conversely, breaking the support at 547.80 may prompt a decline, targeting 525.40 and subsequently 500.00 as primary negative milestones.
The anticipated trading range for today is expected to fluctuate between support at 540.00 and resistance at 565.00.
Trend Forecast: Neutral
