Wheat prices demonstrated a robust rally in the previous session, solidifying the formation of an inverted head and shoulders’ pattern and gaining significant positive momentum. This development reinforces the anticipation of a sustained bullish correctional trend.
Having surpassed the initial target at $583.50, the price is now poised to approach the second target at $597.10. Forecasts indicate a further upward movement aiming to breach this level and progress towards the subsequent main target of $614.10.
The bullish trajectory is expected to persist in the foreseeable future, contingent upon price stability above the key levels of $583.50 and $576.60.
Expected Trading Range
The expected trading range is anticipated to span between the support level at $580.00 and the resistance level at $600.00.
Trend Forecast
The overall trend forecast remains bullish, reflecting the current market sentiment and price dynamics.
