The price of wheat continues to exhibit a strong bullish bias, forming a positive pattern that suggests the potential for further gains in the upcoming trading sessions. This positive momentum could propel wheat prices to target the levels of 633.90 and subsequently 668.50 as the next major price points.
As a result, market observers anticipate additional positive trades in the intraday context. Breaking above the resistance level at 614.00 would facilitate the accomplishment of the aforementioned target levels. However, it’s important to note that a breach below the support level at 598.00 could halt the current bullish scenario and potentially trigger a price decline.
For today’s trading session, the expected trading range is likely to fall between the support level at 595.00 and the resistance level at 615.00. The overall trend expected for the day remains bullish.
It is advisable for market participants to stay vigilant and closely monitor wheat prices, as market dynamics can be influenced by various factors, including weather conditions, supply and demand fundamentals, and geopolitical developments. Staying informed about the latest market conditions is essential for effective decision-making.
