Wheat prices have demonstrated notable strength in recent sessions, with a clear upward trajectory targeting the initial extended goal of $635.00. However, a subsequent bearish retracement tested the pivotal support level at $614.10, with prices managing to sustain above it. Anticipation remains high for a resumption of the bullish momentum, targeting the next objective at $641.50.
The prevailing outlook continues to favor a bullish trend in the foreseeable future, contingent upon the critical support level of $597.10 remaining intact. A breach below this level, coupled with sustained downside momentum, could potentially shift the trajectory.
Today’s anticipated trading range is expected to oscillate between the support level of $610.00 and the resistance level of $630.00, with market participants closely monitoring price action for further insights into potential directional moves.
Trend Forecast: Bullish