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Wheat prices showed positive movement yesterday, testing the EMA50, which continues to act as a significant resistance level. The stochastic indicator suggests a loss in positive momentum, indicating a potential resumption of the bearish trend. Key targets include breaking the $532.10 level, which could pave the way for further declines to $515.00 and $500.00.
Conversely, a breach above $545.00 would invalidate the bearish outlook and could trigger a bullish correction on an intraday basis.
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Today’s expected trading range is between $525.00 support and $550.00 resistance.
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Trend Forecast: Bearish
