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.
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.
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.
