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Wheat Price Analysis Signals Bearish Momentum

by Daisy

In recent trading, the price of wheat exhibited a pronounced downtrend, characterized by a decisive breach of the support threshold at $614.10, culminating in a settlement below this level. This downward shift indicates a sustained trajectory of decline anticipated in forthcoming sessions, with projected targets set at $597.10 and subsequently $583.50.

Consequently, a bearish sentiment is expected to dominate today’s trading landscape. However, it is imperative to note that a breakthrough above the $614.10 mark would signify a cessation of the anticipated decline, potentially heralding a resurgence of bullish momentum.

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Expected Trading Range:

Support: $585.00

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Resistance: $605.00

Trend Forecast:

Bearish

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