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Wheat Price Analysis: Bearish Trend Continues

by Daisy

Wheat prices have shown a clear downward trend, reaching the anticipated target of $652.60. This level represents the 38.2% Fibonacci correction for the rise from $530.10 to $728.30. If prices break below this level, it could trigger further bearish correction, targeting $629.20 next.

The ongoing bearish trend is further reinforced by the negative impact of the head and shoulders pattern. This trend is expected to persist unless the price rallies and breaches the $681.50 mark, maintaining levels above it.

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Expected Trading Range

Support: $650.00

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Resistance: $670.00

Trend Forecast: Bearish

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