Wheat prices have recently tested the $568.50 mark, maintaining stability above this critical level. Currently, prices are fluctuating around the support line of the intraday bullish channel. Notably, the stochastic indicator has cleared its negative momentum and is moving towards the oversold region, which could encourage a resumption of the bullish trend. The next target for wheat prices is projected at $599.00.
The bullish trend remains intact and active for the foreseeable future, provided that prices do not breach and stay below the $568.50 support level.
For today, the expected trading range is between $565.00 for support and $585.00 for resistance.
Trend Forecast: Bullish
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