Sugar prices have recently remained confined within a bearish pennant pattern, evident on the chart. Notably, the price has broken below the support line of this pattern, instigating a negative trend that is expected to propel the price towards the awaited target at 26.08. This sustains the validity of the bearish trend scenario for the upcoming period, with the possibility of extending the correctional bearish wave to reach 25.54 upon breaking the initial target.
The suggested bearish trend persists on an intraday basis unless there is a decisive breach of 26.74, accompanied by a sustained hold above this level.
Today’s projected trading range is anticipated to span between the support at 25.80 and the resistance at 26.65. As bearish signals dominate, market participants are advised to remain cautious and monitor key levels for potential developments in sugar prices.
In summary, sugar prices exhibit a bearish stance, propelled by the breakdown of the bearish pennant pattern. The focus remains on key support and resistance levels, with a sustained bearish trend expected in today’s trading session.
