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Wheat Price Reaches New Target’s Thresholds – Forecast for Today, June 26, 2024

by Jennifer

Wheat Price Analysis

Expected Scenario:

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Wheat price has continued its decline, nearing our awaited target at $554.00. There might be some temporary bullish bias influenced by stochastic positivity before resuming the downtrend. Our expectation remains for the price to target $546.00 followed by $530.10 as new downside objectives. It’s crucial to note that a breach above $576.90 would invalidate this bearish outlook, potentially triggering recovery attempts and initiating a bullish wave targeting $605.80 as the initial main target.

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Key Levels to Watch:

  • Support: $545.00
  • Resistance: $575.00

Expected Trading Range:

Between $545.00 (support) and $575.00 (resistance).

Trend Forecast:

Bearish

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