On February 20, 2024, sugar prices underwent a retest of the previously breached neckline of the double top pattern, maintaining stability below this critical level. This reaffirms the continuation of the bearish trend for the foreseeable future, with the next primary target set at 21.35.
The negative pressure exerted by the EMA50 further supports expectations of a decline in the short term. It is essential to monitor the price action around 22.80, as breaching and holding above this level would nullify the bearish scenario, potentially leading to a recovery.
Traders are advised to consider the expected trading range for the day, ranging between the support level at 22.10 and the resistance level at 22.80.
In summary, sugar prices exhibit a bearish outlook, with the ongoing scenario contingent upon the price remaining below the critical level of 22.80.
