Wheat price has made a notable upward rebound, marking a distinct recovery from the recent consolidation phase around the 580.20 level, where it faced downward pressure. The current intraday trajectory is clearly bullish, with expectations of gains materializing. Analysts foresee the potential for price gains to commence at 610.90, with further upward movement aiming for the 632.00 level following a successful breach of the aforementioned barrier.
It’s worth noting that the prevailing sentiment is bullish for the foreseeable future unless a significant breach below the 580.20 level occurs.
For today’s trading outlook, the expected range is anticipated to fluctuate between support at 590.00 and resistance at 620.00, further emphasizing the bullish bias that characterizes the market.
Investors and traders should monitor the situation closely, considering the current recovery trend in wheat prices for potential trading opportunities.
