Sugar prices saw a further upswing in trading yesterday, propelling them to the long-anticipated target of 27.82. Market analysts anticipate the persistence of this bullish momentum, aiming to exceed this level and potentially secure additional gains, extending towards 28.50.
The continued support of the EMA50 (Exponential Moving Average 50) reinforces the credibility of this bullish wave, maintaining its validity unless a significant breach of the 26.74 level occurs, accompanied by a daily close below it.
For today’s trading activities, market experts project a trading range within 27.00 as the support level and 28.00 as the resistance level. This reiterates the bullish outlook that is currently steering the sugar market, with investors keenly observing these developments as they navigate the evolving price dynamics.
