Sugar prices wrapped up the previous session on an upward trajectory, making strides towards breaching the 24.30 threshold. This resurgence has ushered a sense of equilibrium into the market, prompting a temporary state of neutrality. The trajectory of the price hinges on its ability to firmly establish itself vis-à-vis this critical level, a feat that will subsequently pave the way for discerning its forthcoming trajectory with clarity.
It remains prudent to underline that a successful breach of the aforementioned juncture is poised to instigate a concerted endeavor to reclaim the dominant bullish momentum. The ensuing journey would then be directed towards realizing gains, commencing with a traversal towards the 25.25 echelons. Conversely, should the price find itself in a posture of consolidation beneath this pivotal mark, the stage would be set for a resumption of the corrective bearish trajectory, in the process, probing the 23.50 level as an initial litmus test.
Within the contours of today’s market dynamics, the anticipated trading span extends between the bedrock support of 24.00 and the loftier resistance at 24.80.
The prevailing sentiment for the day veers toward a stance of neutrality, underscoring the inherent uncertainty as market observers remain watchful for the forthcoming trajectory that the sugar market shall chart.
