The price of sugar exhibited positive trading movements in the most recent session, nearing a crucial resistance level at 26.74. It is noteworthy that this level aligns with the EMA50, further reinforcing its significance. While this may suggest a potential for further upward movement, the prevailing sentiment leans toward a continuation of bearish trading in the coming sessions, with the primary target set at 26.08.
As such, we maintain our bearish stance on an intraday basis. However, it’s crucial to monitor the price’s behavior at the 26.74-26.85 levels, as a breach above this range could potentially interrupt the anticipated decline and steer the price back into a bullish trend.
For today’s trading, the expected range is between the support at 26.20 and the resistance at 27.00, with a bearish trend outlook prevailing.
Current Trend: Bearish
