Yesterday, wheat prices demonstrated robust gains, breaching the $576.90 mark and striving to maintain stability above this crucial level. However, today’s market sentiment leans bearish, influenced by stochastic indicators signaling negativity. This development reinforces the likelihood of a potential downturn, aligning with our cautious outlook targeting support around $546.00 as the next significant threshold.
Conversely, sustained consolidation above $576.90 would interrupt the current bearish trajectory, potentially triggering a reversal towards higher levels.
Today’s anticipated trading range spans between support at $565.00 and resistance at $583.00, reflecting ongoing market volatility and uncertain directional cues.
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