In recent trading sessions, the price of wheat exhibited a robust upward rally, successfully surpassing the $557.00 level and completing the formation of a double bottom pattern as indicated on the chart. This development has instilled a strong positive momentum, bolstering expectations of a bullish correction. Initial targets for this correction are anticipated to commence at $569.80 and extend to $583.50 following the breach of the aforementioned level.
Stochastic indicators demonstrate favorable signals that further bolster the outlook for upward movement. This bullish sentiment is poised to remain intact unless the price retreats below $552.80 and maintains a daily close below this critical level.
For today’s trading activities, the projected range is expected to fluctuate between support at $555.00 and resistance at $572.00.
Trend Forecast: Bullish
