Wheat prices saw some temporary gains in previous sessions, nearing the EMA50, which acts as minor resistance. Following this, prices bounced bearishly, indicating a potential resumption of the expected bearish trend on both intraday and short-term bases. The initial targets are set at breaking $530.10 to pave the way toward $515.00, followed by $500.00 levels.
Thus, a bearish trend is anticipated for the upcoming period, provided that prices do not breach the $553.40 level and hold above it.
The expected trading range for today is between the support level of $525.00 and the resistance level of $550.00.
Trend Forecast: Bearish
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