Sugar prices have experienced a notable downward bounce after testing the 22.60 level yesterday, reaching the 21.35 level. The market is poised to confirm a continuation of the bearish trend by breaking the 21.35 level, targeting 20.45 and 19.82 as the next significant levels.
The validity of the bearish scenario in the upcoming sessions is supported by stochastic indicators showing a decline in positive momentum. It is crucial for prices to remain below 22.60 to realize the suggested targets and maintain the bearish trend.
For today’s market movements, the expected trading range is anticipated to fluctuate between the support level at 20.80 and the resistance level at 21.80.
In summary, the prevailing trend for today indicates a bearish sentiment in sugar prices, emphasizing the potential for further decline and the importance of key support and resistance levels in guiding future price movements.
