Wheat prices surged upwards significantly, surpassing the previously set second target of $685.00. This robust rally saw the price breach the resistance of the bullish channel, paving the way for further gains over both the intraday and short-term periods. Analysts project the next positive milestone to be around the $716.50 mark, highlighting continued bullish sentiment in the market.
While stochastic indicators currently show negativity, analysts anticipate potential temporary sideways movement before the resumption of the expected upward trajectory. It is emphasized that maintaining levels above $688.00 is crucial to sustain the bullish wave, as a breach of this level could trigger a corrective bearish phase before a potential return to upward movement.
The expected trading range is delineated by support at $685.00 and resistance at $710.00. These levels serve as important reference points for short-term price movements, offering valuable insights for traders and investors alike.
Overall, the trend forecast for wheat remains bullish, supported by recent market dynamics and positive sentiment. As market participants monitor developments, attention is focused on critical price levels and technical indicators to capitalize on potential opportunities in the wheat market.
