Sugar prices have exhibited a robust upward bounce, firmly aligning with the established bullish trend line depicted on the chart. This resurgence supports the continuity of the primary bullish trend, with the initial target set at testing 27.82. It’s noteworthy that surpassing this level could propel the price toward the subsequent target of 28.50.
Positive signals from the stochastic indicators further bolster the confidence in the expected upward movement. It’s crucial to emphasize that the bullish outlook remains valid as long as the price refrains from breaking the level of 26.74 and holding below it.
For today’s trading activities, the anticipated range is expected to fluctuate between the support at 27.00 and the resistance at 27.90. These levels define the parameters within which the bullish sentiment is poised to unfold.
The prevailing trend for the day is unequivocally bullish, as indicated by both the chart pattern and the supportive stochastic signals. Traders and investors are advised to stay attuned to market developments, adapting their strategies as necessary to navigate potential shifts in market dynamics.
