Sugar prices are grappling with a challenge in maintaining a foothold above the 26.80 level, as the market ended the previous week on a notably negative note. This downturn signals a need for caution in the upcoming trading sessions, as it becomes imperative for the price to establish consolidation above 26.20 to sustain the envisaged bullish trend in the days ahead, primarily targeting the 27.50 range.
However, it’s essential to highlight that a breach of the 26.20 level would disrupt the anticipated ascent and potentially steer the price back onto a corrective bearish path.
For today’s trading, the expected range is forecasted to span between the 26.20 support level and the 27.10 resistance threshold. Traders should closely monitor this range as it may yield critical insights into future price movements.
In conclusion, sugar prices are currently facing downward pressure, demanding vigilance from market participants. To preserve the bullish outlook, the price must consolidate above 26.20, with the potential target being the 27.50 range. Nevertheless, a break below 26.20 could signal a reversal in the trend.
