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Wheat Price Analysis: Anticipating a Bearish Move

by Daisy

Current Scenario:

Wheat prices have exhibited a bearish reversal after encountering resistance at the upper boundary of the bullish channel on the chart. This reversal suggests a potential decline towards the support line of the channel, positioned around $674.50.

Given this development, a bearish bias is projected for the upcoming sessions. A break below $700.50 would facilitate reaching the anticipated target. Conversely, a breach above $710.00 would negate the bearish outlook and potentially trigger a price recovery.

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Expected Trading Range:

Support: $674.50

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Resistance: $710.00

Trend Forecast: Bearish

Market participants should monitor these critical levels closely. While the indicators currently favor a bearish trend, any breach of the key resistance level at $710.00 could signal a shift towards recovery, altering the short-term outlook.

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