In recent trading sessions, sugar prices exhibited robust negativity, successfully reaching and surpassing the awaited target at 21.35. The decisive break below this level, as confirmed by the closure of the daily candlestick, signifies a continuation of the decline, with the next downside targets set at 20.60 and extending to 19.82.
Consequently, the bearish trend retains its dominance on an intraday basis, with emphasis placed on the importance of sustaining this negative momentum. It is pertinent to note that a breach of the 21.35 level would alleviate the existing downward pressure and prompt the initiation of recovery attempts.
Market participants are urged to exercise caution and closely monitor key support and resistance levels. Breaking below 20.60 may reinforce the bearish sentiment, while a breach above 21.35 could introduce a shift in market dynamics.
For today, the anticipated trading range is expected to fluctuate between 20.40 (support) and 21.30 (resistance), encapsulating the current bearish trajectory.
In summary, sugar prices continue their bearish trend, having surpassed the targeted level at 21.35. The market anticipates further declines, contingent upon maintaining key support levels.
Projected Trading Range for Today: 20.40 (Support) – 21.30 (Resistance)
Anticipated Trend for Today: Bearish
