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Wheat Price Persists in Downtrend

by Jennifer

The wheat price continues its downward trajectory, culminating in its approach to the 600.00 benchmark. This ongoing descent aligns with the anticipation of further bearish sentiment, a trajectory that aspires to materialize the primary projected target situated at 580.20. The negative influence exerted by the EMA50 serves as a reinforcing factor driving this direction.

A critical benchmark resides at 626.00; sustaining a position beneath this juncture establishes the preliminary precondition for the continuation of the prevailing bearish wave. Notably, transcending the specified target bears significant implications. It could precipitate supplementary losses, compelling the price to delve into the realm of 560.00 regions.

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Today’s trading range is projected to fluctuate between the support at 590.00 and the resistance at 610.00.

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The envisaged trend for today maintains its bearish trajectory.

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