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Wheat prices have encountered significant resistance at the $599.00 mark, leading to a bearish rebound and a current test of the EMA50. This movement is accompanied by noticeable oversold signals from the stochastic indicator, suggesting the potential for a bullish correction in the near term. Should prices breach the $599.00 level, the market could be poised to target $623.70.
Conversely, if prices fall below $583.80, further declines may occur, potentially testing the $568.50 level before any subsequent recovery.
The anticipated trading range for today is between a support level of $580.00 and a resistance level of $600.00.
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