Wheat prices have continued to exhibit a bullish bias, approaching the anticipated target at 605.00. Notably, the price has completed the formation of a positive pattern, providing further support for the possibility of exceeding the aforementioned level. This development paves the way for a bullish correction, with the next primary target set at 639.30.
Consequently, the bullish trend remains the favored scenario for the intraday outlook. This is underpinned by the EMA50, which is providing support from below. It’s worth noting that maintaining a position above 593.00 is an initial requirement to sustain the expected ascent.
In terms of today’s trading range, it is expected to fluctuate between support at 590.00 and resistance at 610.00. The overall trend for the day is anticipated to be bullish.
