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Wheat prices have resumed their upward trajectory, surpassing the 50-period Exponential Moving Average (EMA50) and reinforcing expectations of a continued bullish trend. This movement opens the path towards the key target of $578.40.
However, current negative signals from the Stochastic oscillator may temporarily impede further gains, potentially leading to sideways trading in the short term. A decline below the $549.00 level could introduce bearish pressure, possibly driving prices down to test the $532.10 region before any subsequent recovery.
For today, the anticipated trading range for wheat prices is between $549.00 as support and $560.00 as resistance.
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