The price of sugar has recorded further gains in recent trading sessions, successfully surpassing the 27.50 level and re-entering the bullish channel. This development reinforces expectations for the continuation of the bullish trend in the upcoming sessions, with a clear path towards achieving our next target at 28.00.
It is important to note that a successful breach of the aforementioned level would pave the way for an extended bullish wave, with the potential to reach the 29.20 price range. Moreover, maintaining a position above the 26.80 level is a critical condition for the expected upward trajectory to persist.
In terms of today’s trading outlook, we anticipate a range bound between support at 27.30 and resistance at 28.20, with an overall bullish trend bias.
