Friday’s trading session saw wheat prices attempting to breach the $576.90 mark, but ultimately closing below this level. This development keeps the bearish trend scenario intact for the foreseeable future, with the next main target set at $546.00.
The 50-day Exponential Moving Average (EMA50) continues to apply negative pressure on the price, reinforcing expectations of further decline. However, breaking above the $576.90 and then the $584.00 levels would invalidate the bearish trend, potentially leading to an upward reversal.
Expected Trading Range
The expected trading range for the upcoming period is between $565.00 support and $583.00 resistance.
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