The wheat market has experienced discernible downward pressure, testing the $630.00 mark and nearing the support line of the bullish channel as depicted on the chart.
Commencing the day with a bullish inclination suggests a potential continuation of the overarching bullish trend.
This optimistic outlook remains viable in the near term, with price targets ranging from $660.00 to $675.50.
Supporting this anticipated bullish movement is the EMA50, though a breach of $622.60 would halt the anticipated ascent, prompting a reversal towards a downward trajectory.
Anticipated Trading Range
Today’s anticipated trading range spans from the support level of $630.00 to the resistance level of $655.00.