In the latest wheat price analysis, a notable decline occurred yesterday, with the price breaking below $722.00 and potentially heading towards the bullish channel’s support line at approximately $688.00. However, it’s worth noting that stochastic indicators are showing positive momentum, suggesting a possible resumption of the main bullish trend.
Analysts are inclined towards the continuation of the overall bullish trend, with the next target projected at $744.50. However, this upward trajectory may be momentarily interrupted by a temporary decline to test the aforementioned support level. It’s crucial to monitor the $688.00 mark closely, as a breach of this level could halt the bullish momentum, leading to a bearish correction on both intraday and short-term bases.
As for expected trading parameters, the anticipated range lies between the $690.00 support level and the $720.00 resistance level.
In conclusion, while recent fluctuations may have caused some concern, the overall trend remains bullish, providing potential opportunities for traders in the wheat market.
