Wheat Price Analysis:
Expected Scenario:
Wheat price concluded the previous session with a positive performance, breaching the $701.10 level and closing the daily candlestick above it. Today’s session has started with a bullish rally, continuing the upward movement within the bullish channel visible on the chart. The aim is to achieve additional gains in the upcoming sessions, with initial targets at $720.00 and extending to $746.00 upon surpassing the previous level.
Therefore, we expect to witness more bullish bias in the upcoming sessions. However, breaking below the $701.10 level will halt the suggested rise and could push the price to decline on an intraday basis.
Expected Trading Range:
- Support: $710.00
- Resistance: $725.00
Trend Forecast: Bullish
Given the positive close above $701.10 and the ongoing bullish rally, the trend forecast for wheat remains bullish. Traders should monitor key levels closely to capitalize on potential gains, particularly the support at $710.00 and the resistance at $725.00, while being cautious of any signs of reversal below $701.10.
