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Sugar price concluded last Friday on a positive note, signaling a departure from the breached neckline of the double bottom pattern. This movement bolsters the continuation of the anticipated bullish trend on an intraday basis, with the path clear to achieve our next target at 22.60.
Furthermore, the price moving above the EMA50 lends support to the continuation of the suggested positive scenario. It is crucial to note that the validity of this scenario is contingent upon the price maintaining stability above the 21.35 level.
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Today’s anticipated trading range is expected to fluctuate between the support level at 21.70 and the resistance level at 22.50.
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Trend Forecast: Bullish
