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Wheat prices have demonstrated positive movement in recent sessions, reaching the $557.00 level at today’s open. Despite this upward movement, the outlook remains bearish, with expectations for a downward trend to resume in the near term, driven by the previously formed head and shoulders pattern. The next key target for wheat prices is set at $519.10.
Technical indicators, such as Stochastic, are showing negative signals, reinforcing the expectation of further declines. It is crucial for prices to remain below the $568.50 mark for the bearish trend to continue.
The anticipated trading range for today is between a support level of $540.00 and a resistance level of $562.00.
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