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Wheat Price Analysis
Expected Scenario:
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Wheat price has continued its decline, nearing our awaited target at $554.00. There might be some temporary bullish bias influenced by stochastic positivity before resuming the downtrend. Our expectation remains for the price to target $546.00 followed by $530.10 as new downside objectives. It’s crucial to note that a breach above $576.90 would invalidate this bearish outlook, potentially triggering recovery attempts and initiating a bullish wave targeting $605.80 as the initial main target.
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Key Levels to Watch:
- Support: $545.00
- Resistance: $575.00
Expected Trading Range:
Between $545.00 (support) and $575.00 (resistance).
Trend Forecast:
Bearish
