Wheat prices are currently fluctuating around the 50-day exponential moving average (EMA50), indicating potential instability in the market. Analysts predict a downward trend in the upcoming sessions, with expectations that prices may test the critical support level at $568.50 before establishing a clearer direction.
A bearish sentiment is anticipated for today’s trading. However, should prices breach the resistance level at $587.70, it could trigger a recovery, with initial targets set at $599.00. A successful breakout above this level would signal a more significant bullish correction, potentially extending the price reach to approximately $623.70.
For today, traders can expect a trading range between the support level at $568.50 and the resistance level at $590.00.
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