Today, on April 23, 2024, wheat price has exhibited strong momentum, rallying significantly yesterday and completing the formation of an inverted head and shoulders pattern. This robust performance supports the expectation of a continued correctional bullish trend.
Having surpassed the first target at $583.50, the price is now approaching the second target at $597.10. Expectations suggest a further rise to breach this level and advance towards $614.10 as the next main target.
The bullish trend scenario is likely to persist in the upcoming period, contingent upon the price maintaining stability above the $583.50 and $576.60 levels.
Traders should anticipate a trading range between the support level at $580.00 and the resistance level at $600.00.
In summary, the trend forecast for wheat prices remains bullish, driven by recent performance and expectations for continued upward movement.
