Sugar price is currently undergoing a test of the support line within the rising wedge pattern. Notably, the stochastic indicator is exhibiting negative overlaps, indicating a potential breakthrough of this support and the activation of the pattern’s bearish implications. This scenario would mark a continuation of the expected bearish trend in both the intraday and short-term perspectives. It is essential to reiterate that the next target for this bearish movement is positioned at 19.82.
The ongoing support provided by the EMA50 further reinforces the anticipated bearish wave. Maintaining a position below 21.35 and 21.65 is critical to sustaining the projected decline in sugar prices.
As traders navigate the sugar market, close attention to price movements around the support and resistance levels is advised, particularly in light of the emerging negative momentum.
The projected trading range for today is expected to fluctuate between the support at 20.80 and the resistance at 21.55. The overall trend for today remains bearish, aligning with the technical signals and the current negative motives impacting sugar prices.
