Wheat prices have demonstrated positive trading behavior in recent sessions, closing above the $599.00 mark. This upward movement signals the potential for a new bullish wave, with initial gains aimed at testing the $623.70 level.
Looking ahead, a bullish bias is anticipated for the forthcoming period, supported by the 50-day exponential moving average (EMA), which is providing upward support. However, a critical threshold exists at the $599.00 level; if prices break below this point and maintain a position under it, negative pressure could emerge, leading to a target of approximately $568.50.
For today, traders can expect wheat prices to fluctuate within a trading range, with support identified at $600.00 and resistance at $623.00.
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