In today’s forecast for April 16, 2024, sugar price has successfully reached our anticipated target at $19.82 and stabilized at that level. The prevailing outlook suggests a continuation of the bearish bias, with the potential to surpass this level and target additional downward objectives, with $19.20 being the next key level.
However, it’s crucial to note that if the price consolidates around the $19.82 level in the face of current negative pressure and fails to break below it, we may witness an intraday bullish wave. In such a scenario, the price could aim for gains starting at $20.50 and extending to $21.35.
The expected trading range for today is anticipated to be between $19.40 as support and $20.10 as resistance.
Trend Forecast: Bearish
