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The price of wheat has successfully breached the crucial level of 600.00 and has maintained a position below it. This development supports the continuation of the anticipated bearish trend in both the intraday and short-term scenarios.
With the breach of 600.00, the path is now open for the price to move towards the next target at 580.00. It is noteworthy that a breakthrough below this level could further extend the bearish momentum, targeting 560.00 as the subsequent negative station.
The prevailing negative pressure, as indicated by the EMA50, reinforces expectations of a continued decline. This bearish outlook will remain valid unless the price exhibits a rally, breaking above 605.00 and maintaining a position beyond this level.
The anticipated trading range for today is situated between the support level at 585.00 and the resistance level at 600.00.
In conclusion, wheat prices are signaling a bearish trend following the breach of the crucial 600.00 level. Traders are advised to monitor key support and resistance levels for potential entry and exit points.
