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Wheat price tests the resistance – Forecast today - 17-10-2024
Wheat price is testing the key resistance 599.00$ and keeps its stability below it, noticing that the EMA50 meets this level to add more strength to it, while stochastic loses its positive momentum clearly.
Therefore, these factors encourage us to suggest the decline in the upcoming sessions, reminding you that our targets begin at 585.00$ and extend to 568.50$, while breaching 599.00$ will stop the negative scenario and lead the price to achieve more bullish correction.
The expected trading range for today is between 585.00$ support and 602.00$ resistance
Trend forecast: Bearish
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Sugar price shows high volatility – Forecast today - 17-10-2024
Sugar price showed strong rise yesterday and reached 25.00$ areas, but it bounced downwards sharply to settle below 22.73$ level, which keeps the overall negative scenario valid for the upcoming period, waiting to test 21.55$ initially, noting that breaking it will push the price towards 20.80$ as a next negative target.
MoreSoybean price approaches the target – Forecast today - 17-10-2024
Soybean price resumes its negative trading to approach our waited target at 984.00$, and we expect the continuation of the bearish bias to visit the recently recorded low at 960.30$ as a next main station.
MoreCorn price loses momentum – Forecast today - 17-10-2024
Corn price provided slight positive trades yesterday, noticing that stochastic lost its positive momentum and begins to overlap negatively now, waiting to motivate the price to resume the expected bearish trend for the upcoming period, which its next target located at 405.20$.
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