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July 18th, Economies analysts’ latest opinion today: Affected by the negative impact of stochastic indicators, ICE raw sugar prices failed to break through 24.30, and there was an obvious rebound downwards and approached the key support of 23.50. However, we prefer to stay on the sidelines until we get a clearer signal of the next trend.
Note that a continued decline below 23.50 would push prices back into a bearish correction towards 22.75 as the next downside target, while a break above the 24.30 resistance would signal a rise closer to 25.25 on a short-term basis.
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Today’s expected trading range is between 23.30 support and 24.30 resistance.
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