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Sugar prices have found a level of support around 26.08, yet they continue to face downward pressure from the EMA50. This dynamic increases the likelihood of breaching the mentioned support level, potentially paving the way for a decline towards the next significant target at 25.54.
Consequently, we maintain our bearish outlook for the short-term, emphasizing that a breach of 26.74 would act as an interruption to the anticipated decline and could signal a resumption of the main bullish trend.
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The expected trading range for today is between the support at 25.70 and the resistance at 26.60.
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In summary, the prevailing trend for today is expected to be bearish, with sugar prices struggling to regain upward momentum.
