Expected Scenario:
Wheat price has experienced a decline, reaching the support line of the bullish channel visible on the chart. Anticipating a bullish rebound, supported by positive signals from the stochastic indicator, the price is expected to resume its upward trajectory within the channel. The initial target for this bullish move is set at $728.30.
Expected Outlook:
The overall bullish trend remains intact, with the potential for further upside movement. However, a break below the support level at $692.00 could trigger a bearish correction, with targets at $681.50 and $652.60.
Expected Trading Range:
The anticipated trading range is between the support level at $688.00 and the resistance level at $710.00.
Trend Forecast: Bullish
In summary, wheat price is poised for a bullish rebound from the channel’s support line, with targets set for the continuation of the main bullish trend. Traders should monitor key support and resistance levels for confirmation of the anticipated price movements.
