The price of wheat has continued its upward momentum, reaching just shy of the anticipated target of $568.50. However, the Stochastic indicator has begun to show signs of losing its positive momentum, signaling the potential for a shift in market direction.
At this point, analysts recommend taking a cautious approach until clearer signals emerge regarding the next trend. A breach of the $568.50 resistance level would likely propel prices higher, with the next target set at $580.00. Conversely, should the price break below the $557.00 support level, it could signal the start of a bearish trend, with the first key support target around $533.00.
For today, the expected trading range is between the $555.00 support level and the $570.00 resistance level.
