Sugar prices have undergone a retest of the previously breached neckline of the inverted head and shoulders’ pattern and have successfully maintained stability above it. This reaffirms the active bullish trend scenario for the upcoming period, with a primary target set at 22.60.
Despite the presence of stochastic negativity, posing a potential hindrance to immediate upward movement, a temporary period of sideways fluctuation may occur before the resumption of positive trades. It is crucial for the price to hold above the support level at 21.35 to sustain the anticipated upward trajectory.
Traders should consider the expected trading range for today, fluctuating between support at 21.60 and resistance at 22.40. The overall trend outlook for today remains bullish, supported by the successful retest of the inverted head and shoulders’ neckline.
