The decline in wheat price halted at the level of 530.10, with today’s trading session commencing on a positive note. This development hints at the formation of a higher low, bolstering the likelihood of initiating recovery attempts on an intraday basis. The trajectory is poised towards achieving expected gains in the upcoming sessions, with the first target set at 552.80.
Consequently, a bullish bias is suggested for today’s trading activities. It is pertinent to note that a break below the level of 530.70 would impede the anticipated upward movement and potentially prompt the price to revert to the main bearish trajectory.
Today’s anticipated trading range is projected to fluctuate between the support level at 530.00 and the resistance level at 550.00.
Trend Forecast: Bullish
