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Wheat prices recorded modest gains yesterday, testing the $544.00 level. However, today’s trading opens with a slight bearish bias influenced by negative stochastic indicators. A further decline is anticipated, with the focus on breaking below $532.10 to confirm a downward move towards the next targets at $515.00 and subsequently $500.00.
The bearish outlook is reinforced by the negative pressure from the 50-day Exponential Moving Average (EMA), which will remain valid as long as prices stay below $548.00.
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The projected trading range for today is between support at $520.00 and resistance at $550.00.
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Trend Forecast: Bearish
