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Wheat prices extended losses in trading yesterday, nearing the projected target of $530.10. Analysts anticipate further downward momentum in the long term, with potential targets at $515.00 and $500.00.
Supporting this bearish outlook, the EMA50 indicator continues to influence market sentiment. A breach above $548.50 could signal a temporary recovery towards $576.90, before potentially resuming the downward trend.
Today’s anticipated trading range is expected to fluctuate between support at $525.00 and resistance at $550.00.
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