As of February 8, 2024, the sugar price has experienced a notable rebound, clearly bouncing from the 22.60 level and approaching the significant resistance at 23.80. It is worth noting that the price is currently navigating within a sideways trajectory, confined between the aforementioned levels. The prevailing expectation is for the continuation of the sideways bias until a decisive breach of either level occurs, providing clarity on the next price direction.
The potential scenario involves the continuation of the uptrend, breaking through the resistance at 23.80, and triggering additional gains targeting 24.55 and extending to 25.35. Conversely, a breakdown below 22.60 would be considered a negative factor, setting the stage for potential downward movements with targets reaching 21.35.
The projected trading range for the day is anticipated to fluctuate between the support level of 22.80 and the resistance level of 23.70.
Projected Trend for Today: Sideways
