Today’s trading session witnessed a bullish opening for wheat prices, marked by a notable gap that propelled the commodity beyond the $710.00 threshold. Analysts indicate this surge is poised to reignite the overarching bullish trajectory, evident within the established bullish channel as depicted on market charts.
With current momentum, market participants anticipate wheat prices to target the $737.30 milestone in the immediate term. A breach beyond this level is forecasted to steer prices towards a significant psychological mark at $750.00, representing the next major objective for traders.
Critical to sustaining this upward momentum is the pivotal level of $722.00. Analysts emphasize that maintaining price action above this threshold is imperative for the anticipated upward movement to persist. Conversely, a breach below $722.00 is projected to trigger a reversal, prompting a descent to fill the preceding gap initially. Subsequently, analysts anticipate a continuation of the downward trajectory, potentially revisiting the support line of the bullish channel, approximating $684.00.
In terms of trading parameters, the projected range oscillates between the support level of $720.00 and the resistance level of $737.00, reflecting the current market sentiment and anticipated price action.
Overall, market sentiment remains bullish, with analysts forecasting further upside potential in the near term, underlining a prevailing trend forecast tilted in favor of bullish momentum.
