The wheat price exhibited notable positive momentum in yesterday’s trading session, surpassing the EMA50 and closing above it. This development strengthens the outlook for continued bullish sentiment on an intraday basis, with the next primary target set at 552.80.
Attention should be paid to the price action upon reaching the aforementioned target level. A successful breach of this level would signify the potential extension of the corrective bullish wave towards the 569.80 region in the near term. Conversely, a break below the support level at 540.50 would introduce a negative factor, halting the current upward movement and potentially leading to a return to the main bearish trajectory.
Expected Trading Range: 540.00 (Support) – 553.00 (Resistance)
Trend Forecast: Bullish
