Sugar prices experienced a bearish bounce as they neared our anticipated target at 27.82. The prices tested a bullish trendline visible on the chart, and the EMA50 coincided with this support line, reinforcing its significance. We anticipate a resumption of the bullish trend, with the next target set at 28.50 following the breach of the previous level.
Consequently, the bullish scenario remains in effect for the forthcoming period, provided that the price avoids breaking below 26.74 and maintaining its position above this critical level.
The expected trading range for today is between support at 26.85 and resistance at 27.80.
In summary, the prevailing trend for today is expected to be bullish, with sugar prices showing resilience and aiming for higher levels.
