In the current analysis of sugar prices, a notable challenge emerges as the market grapples with solid resistance.
Bullish Scenario
Despite efforts, sugar prices are facing difficulty in surpassing the neckline of the double bottom pattern. However, there’s a silver lining as the EMA50 forms a robust support level, halting the decline and bolstering the prospects of resuming positive trades. Market observers are eagerly awaiting a breakthrough past $22.20 to activate a positive effect, potentially triggering a rally towards optimistic targets.
Positive Targets
Should the bullish momentum prevail, positive targets are identified, commencing at $22.60 and extending up to $23.80.
Bearish Scenario
The continued bullish trend is contingent upon price stability above $21.35.
Trading Range
For today’s trading session, the projected trading range for sugar prices is anticipated to fall between $21.80 as support and $22.50 as resistance.
Trend Forecast: Bullish
Given the current market dynamics and the potential for a bullish trend continuation, the forecast for sugar prices leans towards optimism. Traders are advised to closely monitor price movements, particularly in relation to the identified support and resistance levels, for insights into potential market direction.
