In the latest analysis of wheat prices, the market exhibited a robust upward rally last Friday, breaching the $569.80 mark and edging closer to the anticipated target of $583.50. However, today’s trading session commenced with evident negativity, as the price approaches to test the pivotal support formed at $569.80, influenced by stochastic negativity.
Sustaining consolidation above this critical level is imperative to uphold the validity of the corrective bullish trend, with the subsequent target set at $583.50. Conversely, a breach below $569.80 would disrupt the anticipated upward trajectory, initiating a decline targeting $555.90, followed by $552.80, before any new positive attempt can materialize.
The anticipated outcome underscores the robust upward rally of wheat prices last Friday, characterized by breaching the $569.80 threshold and nearing the awaited target at $583.50. However, today’s market activity commences with a pronounced negative tone, testing the key support level at $569.80, impacted by stochastic negativity. The maintenance of consolidation above this pivotal level is critical to validate the corrective bullish trend, targeting $583.50 as the subsequent station. Conversely, a breach below $569.80 would impede the anticipated ascent, prompting a decline with targets set at $555.90 and $552.80, before any potential resurgence.
The expected trading range spans between the support level at $565.00 and resistance at $585.00.
In summary, the trend forecast for wheat remains bullish, contingent upon the ability to sustain consolidation above key support levels amidst prevailing market conditions.
