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Wheat Price Trends Lower Amid Resistance Challenges – Forecast for July 1, 2024

by Daisy

In recent trading sessions, wheat prices have persistently tested the $576.90 mark, yet concluded the week below this threshold, affirming a prevailing bearish outlook for the near future. Analysts point to a potential downward trajectory with the next significant support expected around $546.00.

Technical indicators such as the EMA50 continue to exert downward pressure on prices, reinforcing expectations of further declines. Market sentiment suggests that breaching resistance levels at $576.90 and subsequently at $584.00 would negate the current bearish trend, possibly signaling a reversal towards higher prices.

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Traders are advised to monitor the trading range expected between support at $565.00 and resistance at $583.00 as pivotal levels in the near-term market dynamics.

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