In recent trading sessions, wheat prices have shown a significant upward trend, surpassing the crucial level of $553.40 and closing above it. Technical analysis reveals the formation of a double bottom pattern, indicating a strong potential for a bullish correction in the near future. Analysts predict the initial target to be around $578.40, with further upside towards $607.00 upon breaching this resistance level.
Market sentiment suggests a bullish outlook for upcoming sessions, contingent upon maintaining support above $553.40. A break below this mark could signal a reversal, leading to a potential decline in prices.
Today’s expected trading range spans from a support level of $550.00 to a resistance level of $570.00, highlighting key price boundaries to watch amidst ongoing market volatility.
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