Sugar Prices Display Resistance Amidst Formation, Bearish Trend Anticipated

by Jennifer

Sugar prices currently face resistance in breaking the support line of a rising wedge pattern, as indicated on the chart. A subtle bullish bias is observed, influenced by stochastic positivity. However, the presence of the EMA50 imparts a negative pressure on the price, reinforcing the likelihood of a sustained bearish trend in the upcoming period. The primary target for this anticipated downward movement is the 19.82 areas.

The continuation of the bearish trend remains valid and active unless there is a breach of the 21.65 level, followed by a confirmed hold above it.

Advertisements

In light of the prevailing conditions, the expected trading range for today is anticipated to fluctuate between the support at 20.80 and the resistance at 21.65.

Advertisements

Today’s overall trend outlook leans towards a bearish trajectory, with close attention to key levels to discern potential shifts in market dynamics.

You May Also Like

blank

Bnher is a comprehensive futures portal. The main columns include futures market, futures exchanges, futures varieties, futures basic knowledge and other columns.

[Contact us: [email protected]]

© 2023 Copyright  bedgut.com – Futures Market, Investment, Trading & News