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Wheat Price Analysis Points to Bearish Trend

by Daisy

In the wheat market, recent analysis indicates a bearish trend, with prices achieving the awaited target of $652.60. Today’s trading session commenced with further declines, aiming to breach this level and potentially initiate a deeper bearish correction, setting a next target at $629.20.

Experts suggest a continued bearish outlook for the foreseeable future. However, it’s noteworthy that breaking above $652.60 could halt the anticipated decline, prompting the initiation of recovery efforts on an intraday basis.

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Traders should take note of the expected trading range, forecasted between a support level of $629.00 and a resistance level of $653.00. This range indicates the potential price movements within which market participants can adjust their strategies accordingly.

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In summary, the current trend forecast for wheat prices remains bearish, pending further developments in the market.

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