In the latest analysis of wheat prices, we witnessed a robust upward rally yesterday, culminating in the successful achievement of our newly awaited target at $614.10. This surge is indicative of bullish momentum in the market, propelled by the completion of the previously observed inverted head and shoulders pattern. Looking ahead, our projections suggest that breaching this level could pave the way for even more gains, with our next target set at $635.00.
Given these developments, the bullish trend scenario remains both valid and active for the intraday and short-term outlooks, contingent upon the price maintaining stability above $597.10.
For today’s trading range, we anticipate support around $600.00 and resistance near $620.00. The overall trend forecast remains bullish, with the potential for further upward movement as long as key support levels are upheld and the price continues its upward trajectory.
