Sugar prices concluded the previous session on a negative note, nearing the anticipated target at 22.60. It’s noteworthy that technical indicators are displaying positive signals, hinting at the potential for a bullish rebound and recovery in the upcoming sessions. However, a cautious approach is recommended, and it is advisable to wait until the price confirms its stance around the mentioned level, followed by a clear indication of its next direction.
Should the price consolidate around the 22.60 level, countering the prevailing bearish wave, it could signify a resumption of the bullish trajectory with an initial target at 23.80. On the flip side, a breach of this level might lead to additional losses, reaching 21.90, followed by 21.35.
The expected trading range for today is projected to move between the support at 22.45 and resistance at 23.25, with the overall trend being deemed neutral at present.
