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The price of wheat persists in its decline, drawing closer to our initial downside target at 525.40. Further downward movement is anticipated to achieve additional negative targets, potentially reaching as low as 500.00.
The EMA50 continues to reinforce the continuation of the suggested bearish momentum. This bearish outlook remains valid unless the price manages to rally and breach the resistance level at 552.80, maintaining a daily close above it.
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Today’s anticipated trading range is projected to fluctuate between the support level at 525.00 and the resistance level at 540.00.
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Trend Forecast: Bearish
