Yesterday, sugar price exhibited positive trades, retracing to retest the broken support of the bearish channel. Currently, the price is consolidating below this level, reinforcing the validity of the bearish trend scenario, which is expected to persist in the upcoming period with targets set at $19.32 followed by $18.75.
Sustaining levels below $20.05 is crucial for the continuation of the expected decline. A breach above this resistance level, however, could signal a shift towards a bullish trend, potentially leading the price back into the bullish channel.
For today’s trading, the expected range is anticipated to fluctuate between support at $19.30 and resistance at $20.05.
Trend Forecast: Bearish
This forecast aligns with current market conditions in the sugar market, emphasizing the importance of key support and resistance levels in determining the future price direction.
