Sugar prices surged last Friday, reaching our first targeted price of $21.10, and are now poised for further gains. The next key resistance level to watch is $21.55, which is expected to be tested in the coming sessions.
However, it is important to monitor the bearish channel’s resistance line. Should the price fail to break above this resistance, a bearish rebound could occur, potentially driving prices back down towards the $20.08 support level.
The expected trading range for today is between support at $20.70 and resistance at $21.55.
Trend Forecast: Bullish