Wheat prices have experienced a clear upward bounce, particularly after a recent attempt to breach the 605.00 level in previous sessions. The market is currently testing the Exponential Moving Average (EMA50) and showing signs of attempting to surpass it, suggesting potential additional intraday gains for today’s session. The primary target for this bullish movement is set at 639.30.
The current bullish bias is expected to persist in the upcoming sessions. It’s essential to monitor the critical support level at 605.00, as a break below this level could halt the anticipated rise, potentially leading the price to resume the primary bearish trend.
For today’s trading, the expected range is between the support level at 610.00 and the resistance level at 639.00. The prevailing trend for today is considered bullish, albeit temporarily. Traders are advised to closely monitor price movements and key support/resistance levels for well-informed decision-making.
