Wheat price bounced bearishly yesterday after testing 557.30 level, starting today with additional decline to surpass the EMA50 and settles below it, which supports the continuation of the expected bearish trend scenario efficiently in the upcoming period, on its way to visit 536.80 level as a next station.
Therefore, the bearish trend will remain suggested on the intraday and short term basis conditioned by the price stability below 557.30.
The expected trading range for today is between 535.00 support and 557.00 resistance.
The expected trend for today: Bearish