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Wheat prices have reached the anticipated target of 552.80, surpassing it and closing above this level. This development indicates the likelihood of a sustained bullish correction, with further gains expected to reach 569.80.
The bullish trend in wheat prices is set to persist in the near future. However, close attention should be paid to the 552.80 level. A breach of this level, followed by sustained trading below it, could impede the anticipated upward movement and potentially trigger a downward trend.
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Today’s expected trading range is between 550.00 as support and 565.00 as resistance.
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Overall, the outlook for wheat prices remains bullish, with continued upward momentum expected in the coming period.
