The price of wheat is currently hovering around the $552.80 level, facing challenges in confirming a breach. Observations indicate the formation of a double bottom pattern, suggesting a potential push for the price to undergo a more pronounced bullish correction in the forthcoming sessions. To validate this outlook, the price must surpass the $552.80 barrier, followed by the $557.00 threshold, paving the way for a rally towards the subsequent correctional level at $569.80.
Consequently, we maintain a bullish stance for the foreseeable period, with the caveat that a break below $547.40 would halt the anticipated ascent, potentially triggering a reversal in price trajectory towards a decline.
The projected trading range for today oscillates between support at $545.00 and resistance at $560.00.
Trend Forecast: Bullish
