Wheat prices surged yesterday, challenging the resistance level at $532.10 and making attempts to hold above it. Despite this, current technical indicators are showing negative signals, suggesting a potential decline with an initial target of $495.00.
Given these indicators, a bearish trend is expected in the near term. However, if wheat prices break above $536.00, this could alleviate the current negative pressure and lead to further gains in both the intraday and short term.
Today’s anticipated trading range for wheat is between $515.00 (support) and $540.00 (resistance).
Trend Forecast: Bearish
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