Wheat Prices Set to Continue Bearish Trend, Targeting $519.10

Wheat prices have shown a bearish rebound after recently testing the 50-period Exponential Moving Average (EMA), reinforcing the expectation of a continued decline in both the short-term and intraday outlook. Analysts maintain that the next key target for prices is $519.10.

To confirm the persistence of the downtrend, it is crucial for wheat prices to remain below $554.20. A breakout above this level could trigger a retest of the key resistance at $568.50 before any further decline attempts.

For today, the expected trading range is between the support level of $535.00 and the resistance at $555.00.

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