In the latest analysis of sugar prices, the market witnessed a significant downward bounce last Friday, nearing the awaited target of $21.35. The potential for further decline persists, with the prospect of breaking this level to achieve more negative targets over the longer term. Consequently, the bearish trend is expected to persist in the upcoming period.
However, there remains the possibility of consolidation around the $21.35 level amid prevailing negative pressure, which could prompt recovery attempts targeting levels around $22.20, followed by $22.60 predominantly.
The anticipated outcome entails sugar prices rebounding strongly downwards last Friday towards the awaited target at $21.35, with expectations for further descent and potential breaches of this level to pursue additional negative targets over an extended period. Nevertheless, consolidation at $21.35 amidst the current negative pressure might incite recovery endeavors, primarily targeting levels around $22.20, trailed by $22.60.
The projected trading range spans between the support level at $21.30 and resistance at $22.00.
In summary, the trend forecast for sugar remains bearish, although opportunities for recovery attempts could arise, contingent upon consolidation at key support levels and prevailing market conditions.
