In the recent trading session, sugar prices demonstrated robust positive movement, making a noteworthy attempt to breach the 22.60 level. However, despite the endeavor, the daily candlestick closed below this critical threshold, maintaining the validity of the bearish trend for the foreseeable period, with a primary target set at 21.35.
A closer examination of the stochastic indicator reveals overbought signals, reinforcing the likelihood of a decline in the upcoming sessions. It is imperative to note that breaching the resistance levels at 22.60 and subsequently at 22.80 would act as a pivotal point, interrupting the prevailing bearish trend and potentially leading to additional upward movements with an initial target of 23.82.
As of today, the projected trading range is expected to fluctuate between the support level at 22.00 and the resistance at 22.80. The prevailing trend for today leans towards a bearish sentiment, given the resistance encountered and the overbought signals from the stochastic indicator.
Traders and market participants are advised to exercise caution and closely monitor the critical levels of 22.60 and 22.80 to gauge the potential shift in market dynamics. The breach of these levels could signify a change in the current bearish trajectory, impacting the overall trend in sugar prices.
