Wheat prices are currently testing a crucial resistance level at $599.00, maintaining stability below this threshold. This price point is further reinforced by the 50-day Exponential Moving Average (EMA), which aligns with the resistance level, providing additional support against upward movements. Meanwhile, the stochastic indicator has shown a notable loss of positive momentum.
Given these conditions, analysts are predicting a potential decline in wheat prices in the coming sessions. The initial target for this downward trend is set at $585.00, with a further extension anticipated to $568.50. However, a breach of the $599.00 resistance would invalidate this negative outlook and could result in a more significant bullish correction.
The expected trading range for today is between the support level of $585.00 and the resistance level of $602.00.
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