In recent trading sessions, the price of sugar successfully breached the $22.20 level and closed the daily candlestick above it. This action completed the formation of a double bottom pattern, signaling a positive momentum shift that is expected to propel the price towards gains exceeding $22.60, with a target set at $23.80.
Our analysis maintains a bullish outlook for sugar, suggesting continued upward momentum on the intraday basis. It is crucial for the price to remain above the $21.35 level to achieve the anticipated targets.
For today’s trading activities, the expected trading range is outlined as follows:
– Support: $22.00
– Resistance: $22.70
In summary, our trend forecast remains bullish, reflecting expectations of further price appreciation in sugar. Traders should monitor price movements closely for any potential deviations from the forecasted trend.
