Sugar prices faced a significant hurdle in their recent trajectory, encountering robust resistance at the 26.80 mark, ultimately resulting in a downturn. This negative price movement was further compounded by stochastic indicators pointing downwards. The market now awaits a reversal of sentiment that could provide the necessary impetus for the price to reinitiate its bullish momentum, with the initial breakthrough target set at 26.80, paving the way for further advances towards the pivotal level at 27.50.
It is imperative to bear in mind, however, that breaching the support level at 26.10 could interrupt the anticipated uptrend, potentially steering the price on a path of decline, with 25.25 emerging as a key area for testing before any subsequent attempts at an upward trajectory.
Today’s expected trading range oscillates between the support at 26.00 and the resistance at 26.80, encapsulating the critical price levels that will guide market sentiment.
In the broader context, the prevailing outlook for the day maintains an overall bullish sentiment, contingent on key resistance levels being surmounted.
