Wheat prices have successfully reached the anticipated target of $568.50, where they found solid support and began trading positively. This move has allowed the market to break out of the bearish channel that had been limiting price movement, suggesting potential for a recovery in the coming sessions. However, technical indicators are signaling some negative pressure that could lead to a decline once again.
At this juncture, it is advisable to adopt a cautious approach and wait for clearer signals before making any trading decisions. A breakdown below the $568.50 level could trigger further losses, potentially pushing the price down to $555.60. On the other hand, if prices breach the $581.00 mark, a recovery is likely, with the next target set around the $599.00 level.
For today, the expected trading range for wheat is between $565.00 support and $590.00 resistance.
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