Wheat Price Analysis
Expected Scenario
- Wheat price rallied strongly yesterday, completing the formation of an inverted head and shoulders’ pattern and gaining strong positive momentum. This supports the expectation of continued correctional bullish trend.
- The price surpassed the first target at 583.50$ and is approaching the second target at 597.10$. Expectations suggest further rise to breach this level and head towards 614.10$ as the next main target.
- The bullish trend scenario will remain suggested for the upcoming period, conditioned by the price stability above 583.50$ and 576.60$ levels.
Expected Trading Range
Between the support at 580.00$ and the resistance at 600.00$
Trend Forecast: Bullish