The price of sugar has resumed its downward trajectory, diverging from the $19.82 level. This development reinforces expectations for the continuation of the bearish trend in both the intraday and short-term perspectives.
With the next target set at $18.50, there exists the possibility of further decline towards $17.35.
Expected Trading Range:
Market participants should anticipate trading within the range defined by the support level at $19.60 and the resistance level at $19.40.
Trend Forecast:
The prevailing trend forecast remains bearish, supported by the recent downward movement and market indicators. Investors are advised to monitor price movements closely, particularly with regard to the identified support and resistance levels, for confirmation of the downward trend.
