Wheat price has successfully reached the awaited target at 605.00, encountering robust resistance at this level. The market is now awaiting positive momentum that could facilitate a breakthrough, allowing the price to extend its gains towards the next anticipated targets, particularly around the 639.30 areas.
The suggested scenario maintains a bullish outlook for the upcoming period. However, it is crucial to monitor the price action carefully, as failure to breach the resistance at 605.00 could signal a halt to the expected upward movement, potentially leading to a reversal towards the downside.
The expected trading range for today is projected to fall between the support level at 590.00 and the resistance level at 615.00.
The prevailing trend expectation for today leans towards a bullish sentiment, aligning with the established upward trajectory.
