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Wheat prices remain within an intraday bullish channel, poised to resume their upward trend. The next target for this bullish movement is set at $564.60, which will maintain the positive outlook for the near term.
The 50-day Exponential Moving Average (EMA) supports the current uptrend, reinforcing expectations of continued gains. However, a breach of the $547.50 level would be the first sign of a potential reversal, suggesting a shift towards a bearish trend and initiating a decline towards the $532.00 support level.
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Today’s expected trading range for wheat is between $540.00 for support and $560.00 for resistance.
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Trend Forecast: Bullish
