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Wheat prices have once again tested the broken neckline of the head and shoulders pattern, bouncing downward from this level. This confirms the continued negative momentum triggered by the pattern, with further declines anticipated. The price is expected to reach negative targets starting at $543.00, potentially extending to $519.10.
The bearish outlook remains intact for the foreseeable future, provided the price stays below the key resistance levels of $568.50 to $572.50.
For today, the anticipated trading range for wheat lies between the $545.00 support level and the $568.00 resistance.
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