The price of wheat has successfully breached the significant resistance level at $614.10 and concluded the daily candlestick above it. This achievement reinforces expectations for the continuation of the bullish trend in both the intraday and short-term perspectives.
With the breakthrough, the path is now open for the price to advance towards $635.00, followed by $641.50 as the next main targets.
Expected Trading Range:
Market participants should anticipate trading within the range defined by the support level at $610.00 and the resistance level at $630.00.
Trend Forecast:
The prevailing trend forecast remains bullish, supported by the recent breakthrough of resistance and market indicators. Investors are advised to monitor price movements closely, particularly with regard to the identified support and resistance levels, for confirmation of the upward trend.
