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Wheat price has commenced today’s trading session with a robust bullish rally, surpassing the $552.80 level and advancing towards $569.80. This movement suggests a potential bullish correction in the near-term, with further gains anticipated.
If the price successfully breaches the $569.80 level, it could signal a continuation of the bullish momentum, with the next target projected at $583.50.
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Upon closer examination of the chart, an inverted head and shoulders pattern is evident, indicating positive targets beyond the aforementioned levels. These targets include $597.10 followed by $614.10 areas.
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Expected Trading Range: $553.00 (Support) – $575.00 (Resistance)
Trend Forecast: Bullish
