Wheat prices experienced a temporary uptick in recent sessions, nearing the EMA50 level which has now acted as a minor barrier against further upward movement. However, a bearish bounce has redirected the market’s trajectory, signaling a potential continuation of the expected downtrend in the intraday and short-term outlooks. Key support levels to watch include a break below $530.10, which would likely pave the way for further declines towards $515.00 and subsequently $500.00.
Analysts emphasize a bearish outlook for the near future, barring a decisive breach and sustained trade above the $553.40 mark. Today’s anticipated trading range remains confined between support at $525.00 and resistance at $550.00. This assessment underscores the current market sentiment, which anticipates further downward pressure unless significant resistance levels are convincingly surpassed.
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