The price of wheat experienced a notable rally yesterday, successfully reaching our anticipated target at $614.10. Our analysis suggests that further gains may be achieved in the near future, contingent upon breaching this level, influenced by the completion of the previously observed inverted head and shoulders pattern. It is worth noting that our subsequent target is set at $635.00.
Expected Scenarios:
As a result, the bullish trend scenario is expected to persist and remain active in both the intraday and short-term perspectives, provided that the price maintains stability above $597.10.
Trading Range:
The projected trading range for today is anticipated to fall between support at $600.00 and resistance at $620.00.
Trend Forecast: Bullish