Wheat Price Surpasses Resistance – July 2, 2024

by Jennifer

Wheat Price Analysis:

Wheat prices concluded yesterday’s trading session on a positive note, successfully surpassing the resistance level at 576.90$ and closing above it. This breakthrough signals a potential for further gains in the upcoming sessions, bolstered by the formation of a double bottom pattern. This pattern typically indicates a reversal and supports the outlook for targeting higher levels, specifically 605.80$ initially, followed by 615.00$ as subsequent bullish targets.

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Hence, the prevailing trend for today is expected to be bullish, albeit possibly accompanied by some sideways movements influenced by stochastic indicators showing negativity. It’s essential to note that a reversal below 576.90$ would invalidate the current positive scenario, potentially prompting a return to bearish sentiment.

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Expected Trading Range:

The anticipated trading range for today is between support at 580.00$ and resistance at 605.00$.

Trend Forecast: Bullish

In summary, the forecast for wheat prices remains bullish following the successful breach of resistance and the formation of a double bottom pattern. Traders should remain vigilant for any signs of reversal or continuation as indicated by price action around the identified support and resistance levels.

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