In the analysis of wheat price dynamics, the market observes a testing of the support line at $641.50, with stability maintained above this crucial level. The prevailing scenario remains indicative of an active bullish trend, with targets set at $660.00 and $675.50.
Wheat prices recently tested the support line situated at $641.50, following a previous breach, and have since demonstrated stability above it. This resilience reinforces the continuation of the bullish trend scenario, with anticipation set on reaching the $660.00 milestone, followed by $675.50.
Positive overlaps observed in the Stochastic indicator further support expectations for upward movement, contingent upon the price’s ability to maintain stability above $641.50.
In terms of expected trading ranges, support is established at $641.50, while resistance is positioned at $660.00. The overarching trend forecast maintains a bullish trajectory, aligned with the current market dynamics and expectations.
