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Wheat Price Exhibits Substantial Gains but Faces Key Resistance

by Jennifer

Wheat prices demonstrated a notable upward surge in recent sessions, approaching the crucial resistance level at 639.30. However, it is noteworthy that the price currently consolidates below this key level, coinciding with discernible negative signals from the stochastic indicator. This confluence of factors is poised to reignite the expected bearish trend in the upcoming period, with the subsequent primary target set at 605.00.

It is crucial to acknowledge that a breach of the resistance at 639.30 could disrupt the anticipated decline and potentially steer the price toward additional bullish correction in the short term.

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For today’s trading considerations, the expected range is situated between support at 615.00 and resistance at 643.00.

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The prevailing trend for today leans towards an overall bearish outlook for wheat prices, as the market grapples with the resistance barrier following the recent substantial gains.

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