Sugar price has successfully breached the critical support level at 26.74 and maintained its position below it. This breakthrough serves as a confirmation of the prevailing correctional bearish trend, which is expected to continue dominating the market in the upcoming trading sessions. This bearish sentiment is likely to guide the price towards the next bearish target at 26.08.
Market observers anticipate further intraday declines, with the possibility of extending the bearish wave to reach the 25.55 areas if the targeted level is decisively broken. However, it’s essential to note that breaching the 26.74 level could disrupt the current bearish scenario and potentially steer the price back towards the primary bullish trend.
For today’s trading, the expected range is anticipated to fluctuate between support at 26.00 and resistance at 26.80, reinforcing the bearish outlook that characterizes the market.
Investors and traders are advised to closely monitor developments in sugar prices, with a particular focus on the pivotal support level and potential breakouts for trading opportunities.
