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Wheat prices are currently stable, hovering around the 50-day exponential moving average (EMA50) while remaining within a bearish channel. Recent market analysis indicates negative signals from the stochastic indicator, suggesting that a continuation of the bearish trend is likely in the coming sessions. Price targets for this bearish movement are projected to start at $568.50, extending to $555.60 if the previous level is broken.
It is important to note that the persistence of this bearish trend hinges on wheat prices staying below $599.00.
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For today, the expected trading range is anticipated to be between a support level of $570.00 and a resistance level of $588.00.
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Trend Forecast: Bearish
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