Wheat prices have encountered downward pressure in recent sessions following the completion of a bearish flag pattern evident on the charts. The commodity is now poised to test its recent low at $532.10, with expectations of further declines targeting $515.00 and potentially $500.00.
The EMA50 indicator is contributing to the negative outlook, reinforcing the anticipated downtrend. A breakthrough above $550.00 would negate this bearish scenario and could prompt a recovery in prices.
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Today’s anticipated trading range is expected between support at $515.00 and resistance at $540.00.
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