Wheat price has recently encountered noticeable downward pressure during preceding trading sessions, leading it to retest the previously breached neckline of a prominent bullish pattern that is evident on the price chart. It is worth noting that technical indicators are currently offering favorable signals, which we anticipate will sustain the constructive impact of the aforementioned pattern. We are thus expecting the resumption of bullish movements, targeting our next corrective objective at 639.30.
Consequently, our recommendation remains in favor of the bullish trend for the foreseeable future, unless the price breaks below 595.00, with a requirement to maintain a position below this level.
In the context of today’s trading activities, the projected trading range extends between the support level at 595.00 and the resistance level at 615.00. The prevailing trend maintains a bullish bias, reflecting the current market sentiment.
