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Wheat prices have surged past the $568.50 mark, indicating a potential bullish correction in the near term. This breakout suggests that prices could advance further, with the next target set at $599.00. The continuation of this upward trend is supported by the 50-day Exponential Moving Average (EMA50), which aligns with the bullish outlook.
However, it is important to note that if prices fall below $568.50 and remain below this level, the anticipated rise could be halted, potentially leading prices back to a bearish trajectory.
For today’s trading, the expected range is between a support level of $570.00 and a resistance level of $590.00.
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