The price of sugar concluded the previous week on a negative note, breaching the support level at 26.74 and establishing itself below this critical threshold. This development suggests a potential return to a bearish correctional trajectory. It’s noteworthy, though, that the stochastic indicator is signaling some positive momentum, which could support a price recovery.
Given these circumstances, it is advisable to exercise caution and await further confirmation based on the behavior of the price concerning the aforementioned support level. A sustained position below this level will likely propel the price toward bearish objectives, commencing at 26.08. Conversely, a breakthrough above this level would reactivate the primary bullish scenario, with the next significant target situated at 27.82.
The anticipated trading range for today spans from the support level at 26.15 to the resistance level at 27.00. In the immediate term, the price trend is characterized as neutral, reflecting a degree of market uncertainty.
