Sugar prices exhibited a robust rally in the market, breaking through the critical resistance level at 26.80 during the previous trading session. This surge has not only reinforced expectations of a continued bullish trend in the short term but has also paved the way for a potential ascent towards the prominent target at 27.50.
Technical indicators, notably the Exponential Moving Average (EMA50), have lent further support to the envisioned bullish trajectory. However, it’s crucial to note that the sustainability of this trend hinges on the price’s ability to maintain its position above the 26.20 mark.
As traders look ahead to the current trading session, the expected trading range is anticipated to fluctuate between the support level at 26.70 and the resistance at 27.40.
In conclusion, the prevailing market sentiment leans toward a bullish outlook for sugar prices, with the breakout above the significant resistance level serving as a pivotal moment in recent trading sessions.
