Wheat prices have experienced a notable downward bounce after reaching the anticipated positive target of $623.70. The market is now poised for a potential test of the $599.00 level. A break below this support could intensify negative pressure on prices, with the next target set at $585.00.
In light of this analysis, further declines are expected in the upcoming sessions unless prices manage to breach the $623.70 level and sustain trading above it.
The expected trading range for today is between $595.00 (support) and $615.00 (resistance).
Trend Forecast: Bearish
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