3
Sugar prices saw a positive movement yesterday, briefly testing the EMA50, which acted as a strong resistance level. Despite this uptick, stochastic indicators have lost their positive momentum, reinforcing the likelihood of a continuation of the bearish trend within the established bearish channel. The primary target for the upcoming period remains at $20.08.
As a result, the bearish outlook is expected to persist unless the price manages to break above $21.55 and sustain trading above that level.
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The expected trading range for today is between $20.60 (support) and $21.40 (resistance).
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Trend Forecast: Bearish
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