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Wheat Price Forms Bullish Pattern, Aims for Higher Targets

by Jennifer

Wheat price exhibited a robust upward rally in recent trading sessions, successfully breaking through the 605.00 level and consolidating above it. This price action confirms the extension of the correctional bullish wave and sets its sights on the next key target at 639.30.

Additionally, a double bottom pattern has formed, adding further support to the anticipated bullish trend. This pattern aligns with the upward movement and is substantiated by the EMA50. It is important for the price to maintain levels above 605.00 and 595.00 to achieve the anticipated bullish targets.

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For today’s trading, the projected range extends from the support level at 605.00 to the resistance level at 625.00. The prevailing trend remains bullish, and traders are encouraged to act accordingly.

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