Sugar prices exhibited a determined effort to breach the 21.35 threshold, yet were unable to sustain levels below it, concluding the previous session on a positive note. The current trajectory suggests a potential examination of the key resistance level at 22.60.
Despite this recent recovery attempt, the overarching scenario maintains a bearish outlook for the foreseeable future, contingent on the resilience of the mentioned resistance. It is crucial to emphasize that a definitive breach of the 21.35 level is essential to bolster the likelihood of a sustained rally towards negative targets, commencing at 20.45 and extending to 19.82.
For today’s trading, the anticipated range spans from a support level at 21.20 to a resistance level at 22.20. The prevailing trend for the day is anticipated to be bearish, with a keen eye on the evolving resistance challenges and the pivotal support level.
Market participants are advised to closely monitor these key levels, recognizing their significance in the context of sugar prices, as the market endeavors to recover amidst persistent bearish sentiments. Preparedness for potential downward movements remains essential in navigating the current market conditions.
