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Wheat prices have demonstrated a strong upward trend in recent sessions, with expectations for further gains towards the initial target of $578.40. This positive movement is supported by the EMA50, which is providing underlying support.
Maintaining a price level above $548.00 is crucial for sustaining this bullish trend. A drop below this level could result in a shift back to the main bearish trajectory.
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Today’s expected trading range is between $550.00 for support and $565.00 for resistance.
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Trend Forecast: Bullish
