Wheat prices demonstrated positive trading activity yesterday, approaching the 50-period Exponential Moving Average (EMA), which has proven to be a significant resistance level. This movement was accompanied by a decline in the stochastic indicator, signaling a loss of positive momentum and suggesting a potential continuation of the bearish trend.
To confirm this bearish outlook, wheat prices need to break below the $532.10 support level. A successful breach of this level could pave the way for a decline towards the $515.00 and subsequently the $500.00 levels.
Conversely, should the price surpass the $545.00 mark, it would negate the current negative trend and potentially initiate a bullish correction on an intraday basis.
For today, traders should anticipate a trading range between the support level of $525.00 and the resistance level of $550.00.
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