The price of wheat continues its upward trajectory, inching closer to our anticipated target of 605.00. It currently tests the EMA50, which provides robust intraday support for the price. This sets the stage for a potential resumption of positive trades, with the goal of surpassing the mentioned level and paving the way for further gains, potentially reaching 617.00.
Consequently, the bullish trend scenario remains the favored outlook for the upcoming period, contingent on the price maintaining its position above the critical support level at 583.00.
As for the expected trading range for today, it is anticipated to fluctuate between support at 586.00 and resistance at 605.00.
In summary, the prevailing trend for today is expected to be bullish, with wheat prices maintaining their upward momentum towards the awaited target.
