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Analysis of wheat prices reveals the successful attainment of our initial projected target at $569.80, although encountering substantial resistance thereafter. Following this achievement, a bearish rebound ensued, leading to a retest of the breached neckline of the double bottom pattern. However, the consolidation of prices above this level sustains the positive impact of the pattern.
Anticipations point towards the resumption of the corrective bullish trend, with a projected target of $583.50.
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Key Support and Resistance Levels:
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- Support: $555.00
- Resistance: $572.00
Trend Forecast: Bullish
