The sugar price recently tested a significant support level at 21.35 and demonstrated a notable upward rebound, affirming the continuation of the bullish trend scenario for the foreseeable future. The primary target remains at 22.60, indicating a positive trajectory in the market.
The presence of a double bottom pattern further reinforces the optimistic outlook, underscoring the resilience of the bullish trend. This outlook is deemed valid unless there is a decisive breach of the support level at 21.35, accompanied by a daily close below this threshold.
For today’s trading session, the anticipated range is expected to fluctuate between the support level of 21.40 and the resistance level of 22.40, aligning with the prevailing market dynamics.
Trend Forecast: Bullish Sentiment
