3
Wheat prices experienced a significant increase yesterday, reaching the anticipated target of $599.00. Analysts expect the price to surpass this level, aiming for a further bullish correction with a subsequent target around $623.70.
The 50-day Exponential Moving Average (EMA50) supports the price from below, bolstering expectations for continued upward movement. However, should the $599.00 level hold firm against the current rally, a bearish rebound could occur, potentially leading the price to test the $568.50 area before any new upward attempts.
For today, the expected trading range is set between a support level of $590.00 and a resistance level of $610.00.
Related topic:
Top 5 Reasons Why Wheat Futures Are Falling