Sugar prices witnessed a significant downturn in recent sessions, culminating in a sharp decline that brought the commodity towards the previously suggested negative targets. The price reached the vicinity of 22.60, a level that represents a 50% Fibonacci correction from the entire upward move measured between 17.35 and 27.82.
There is a prevailing sentiment that sugar prices might surpass the 22.60 level, potentially opening the door for further correctional bearish movement with the next targets located around 21.35 on a near-term basis.
Market analysts are emphasizing a continued bearish outlook for the upcoming period. It is important to note that a consolidation around the 22.60 level could indicate a potential halt to the expected decline, offering the prospect of intraday recovery.
Investors are advised to closely monitor the evolving market dynamics. The projected trading range for today is anticipated to oscillate between the support level at 22.10 and the resistance level at 23.20.
Expected Trend for Today: Bearish
