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Wheat Price Continues Downward Trajectory – Forecast for March 14, 2024

by Jennifer

The wheat price has experienced a pronounced downtrend, marked by a clear negative trend that has broken through the crucial support level of 547.80. This development signals a resurgence of the primary bearish trend scenario, indicating a renewed momentum towards further declines. The anticipated trajectory aims to achieve negative targets, commencing at 525.40 and potentially extending to 500.00.

Consequently, a bearish bias is expected to prevail for today’s trading session, reinforced by the downward pressure exerted by the EMA50 indicator. It is worth noting that a breach of the resistance level at 552.80 could halt the anticipated decline and prompt a bullish correction on an intraday basis.

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The projected trading range for today is forecasted to fluctuate between the support level of 530.00 and the resistance level of 550.00, reflecting the prevailing market dynamics.

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Trend Forecast: Bearish Movement

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