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Wheat Price Approaches Target, Awaiting Clear Signal for Next Move

by Daisy

Wheat prices have continued their upward movement, reaching just below the anticipated target of $568.50. However, the stochastic indicator has shown a loss of positive momentum, potentially creating downward pressure that could shift the intraday trend.

Given the current uncertainty, we recommend taking a neutral stance until a clearer direction emerges. A breakout above $568.50 would pave the way for further gains, with $580.00 as the next key target. Conversely, a break below the $557.00 support level could signal a reversal, triggering a bearish wave with an initial target of $533.00.

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The expected trading range for today is between support at $555.00 and resistance at $570.00.

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Trend Forecast: Neutral

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