Wheat has broken bullish out of its months long falling channel after bouncing from support at around 574 (weekly chart)
On the daily chart Wheat is now back above the Cloud, above the 55 and 100 Moving Averages and RSI is positive. All indications of higher Wheat prices short-term and medium-term.
Facing some resistance at the 200 weekly Moving Average, a minor correction could be seen but there is upside potential to strong resistance at around 799. 0.618 retracement of the December 2022 to present downtrend is at 803.45. A likely correction.
Declining 55 weekly Moving Average will provide some resistance however, the resistance at around 725 could prove to be a bit of struggle to overcome.
However, the area around 800 is the strongest resistance.
If Wheat drops back below its upper rising trendline in the the falling channel the rebound/uptrend is likely to be demolished.