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Wheat Price Analysis Points to Potential Bearish Trend

by Daisy

Wheat prices have exhibited a notable upward trend, surpassing the $629.20 mark and sustaining a position above it. This development suggests a potential halt to the preceding bearish correction.

However, technical indicators present a contrasting view, with Stochastic signaling negativity and the EMA50 exerting continuous downward pressure on the price.

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Analysts anticipate a resumption of the bearish correctional trend, with projected targets extending to $605.80. The reversal of this anticipated decline hinges upon a breach of the $652.60 threshold, potentially paving the way for a return to the primary bullish trajectory.

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In terms of expected trading range, support is anticipated around $625.00, while resistance is envisaged near $650.00.

Trend Forecast: Bearish

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