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Wheat Price Analysis: Bullish Bias Amidst Negative Pressure

by Daisy

The wheat market has experienced discernible downward pressure, testing the $630.00 mark and nearing the support line of the bullish channel as depicted on the chart.

Commencing the day with a bullish inclination suggests a potential continuation of the overarching bullish trend.

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This optimistic outlook remains viable in the near term, with price targets ranging from $660.00 to $675.50.

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Supporting this anticipated bullish movement is the EMA50, though a breach of $622.60 would halt the anticipated ascent, prompting a reversal towards a downward trajectory.

Anticipated Trading Range

Today’s anticipated trading range spans from the support level of $630.00 to the resistance level of $655.00.

Trend Forecast: Bullish

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