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Wheat prices experienced positive movement yesterday, reaching the 50-day Exponential Moving Average (EMA50) before reversing to continue a bearish trend on an intraday basis. The market is currently set to test the initial support level at $568.50. A breach of this level could drive prices down to $556.00.
The EMA50 continues to support the anticipated bearish wave, which remains valid as long as prices stay below $599.00.
For today’s trading, the expected range is between a support level of $565.00 and a resistance level of $585.00.
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