Wheat prices have successfully breached the 580.20 level and maintained a position above it. This development has completed the formation of a double bottom pattern, increasing the likelihood of achieving gains in the short term. Wheat is commencing a bullish correction phase following a prior decline from 784.20 levels.
The initial target for this correction is set at 605.00. A breakthrough at this level would further extend the bullish momentum towards the 639.30 areas.
To maintain the current bullish bias, it is essential for wheat prices to remain above the 570.00 level.
In summary, wheat prices are showing signs of a bullish correction, with an expected trading range between the support level of 580.00 and the resistance level of 605.00 for today’s session.
