Yesterday, wheat prices saw a slight uptick, reaching the $544.00 level. However, today’s trading has started with a subdued bearish trend influenced by stochastic indicators showing negativity. Traders are anticipating further declines, with a key focus on breaking the $532.10 support level to confirm a downward trajectory towards $515.00 and subsequently $500.00, which are identified as the next significant downside targets.
The bearish sentiment is reinforced by the resistance formed by the EMA50, supporting the current projected scenario. This outlook remains valid under the condition that the price does not breach $548.00.
Today’s anticipated trading range is expected to fluctuate between support at $520.00 and resistance at $550.00.
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