3
Wheat prices have resumed their decline after testing the EMA50 in recent sessions, reinforcing the bearish trend on both the intraday and short-term charts. The next major target for wheat is seen at $519.10.
For the bearish outlook to remain intact, prices must hold below the $554.20 level. A breach above this level could prompt a test of key resistance at $568.50 before any further decline attempts.
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The expected trading range for today is between $535.00 (support) and $555.00 (resistance).
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Trend Forecast: Bearish
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