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Wheat price experienced a strong upward rally yesterday, surpassing the $641.50 level and consolidating above it. This development sets the stage for further gains, with initial targets identified at $660.00 and extending to $675.50 as the next significant milestones.
The supportive stance of the EMA50 from below bolsters expectations for continued upward movement. However, it is important to note that a breach below $641.50 could disrupt the anticipated bullish momentum and subject the price to intraday negative pressure.
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Expected Trading Range for Today:
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Support: $643.00
Resistance: $660.00
The trend forecast for wheat remains bullish, reflecting recent price actions and technical indicators.
