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In recent sessions, the wheat price has demonstrated clear positive movements, nearing our initial extended target at $635.00. Subsequently, a bearish rebound ensued, leading to a test of the crucial support level at $614.10. Despite this, the price has managed to maintain stability above this level, signaling a potential resurgence in the bullish momentum, with the next target identified at $641.50.
Consequently, we uphold our bullish outlook for the upcoming period, contingent upon the price remaining above $597.10. Any breach below this level could alter the current scenario.
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Expected Trading Range for Today:
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- Support: $610.00
- Resistance: $630.00
Trend Forecast: Bullish
