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Wheat prices are currently fluctuating around the 50-day Exponential Moving Average (EMA50) while remaining stable within a bearish channel. Recent indicators, including negative signals from the stochastic oscillator, suggest a continuation of the downward trend in the coming sessions. Analysts anticipate that prices may drop to initial targets of $568.50, potentially extending to $555.60 if the market breaks through the previous support level.
The continuation of this bearish trend is contingent upon prices remaining below the $599.00 mark. For today, the expected trading range for wheat is between a support level of $570.00 and a resistance level of $588.00.
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