Sugar prices experienced a downturn in yesterday’s trading session, exhibiting clear negativity as they surpassed the initial target of $19.00. This development solidifies expectations for further declines in the market, with the next significant level anticipated at $18.00.
The prevailing outlook suggests a continuation of the bearish trend in the near term, bolstered by downward pressure exerted by the EMA50. Market analysts emphasize that a breach of $19.82 would signal a potential reversal in fortunes, potentially leading to a shift towards upward movement.
In terms of expected trading range, market participants are advised to consider a range bounded by support at $18.00 and resistance at $18.90. These levels are expected to serve as key indicators for short-term price movements, offering valuable insights for traders and investors.
Overall, the trend forecast for sugar remains bearish, with recent market movements reinforcing negative sentiment. As market participants monitor developments, attention is focused on critical price levels and technical indicators to navigate evolving market conditions effectively.
