Wheat price trades negatively to move away gradually from 520.30, which supports the continuation of the expected bearish trend scenario on the intraday and short term basis, and the price needs to surpass the EMA50 to confirm heading towards our waited target at 503.70.
Holding below 520.30 is important to continue the expected decline, noting that surpassing the mentioned target will extend the bearish wave to reach 483.20 as a next main station.
The expected trading range for today is between 500.00 support and 525.00 resistance.
The expected trend for today: Bearish