Sugar priceshave encountered challenges in sustaining their upward trajectory and consolidating above the support line of the bullish channel. Instead, the market has witnessed a bearish rebound, marking the initiation of a corrective phase for the prior ascent that commenced from the $23.26 regions. This bearish correction is anticipated to target negative objectives, commencing at $26.74 and extending to $26.08 upon the breach of the former level.
Consequently, the prevailing sentiment for today leans towards a bearish bias unless the price manages to mount a rally and break above the $27.80 threshold while maintaining a position above it.
The projected trading range for the day is expected to fluctuate between the support level at $26.70 and the resistance level at $27.50.
Market analysts underscore the bearish outlook for the day in sugar prices, highlighting the significance of the $27.80 level as a potential turning point in the market’s direction.
