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As of April 23, 2024, the sugar price continues to hover around the $19.82 level, maintaining its stability below it. This sustains the validity of the bearish trend scenario for the foreseeable future, supported by the downward pressure exerted by the EMA50 indicator. The next main target is anticipated to be at $18.50.
Any breach above the $19.82 mark would interrupt the expected decline and potentially initiate recovery attempts, targeting levels around $20.55 and $21.35.
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Traders should anticipate a trading range between the support level at $19.10 and the resistance level at $19.80.
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Overall, the trend forecast for sugar prices remains bearish, reflecting the current market conditions and technical indicators.
