Sugar prices have decisively breached the critical level of $19.82 and closed below it in yesterday’s trading session, affirming the continuation of the bearish trajectory.
Analysts anticipate further downward movement in both the intraday and short-term periods, with the next significant target identified at $18.50. The sustainability of the bearish wave relies on maintaining price stability below $19.82.
However, it’s important to note that a breach above $19.82 could trigger a recovery attempt, initially targeting $20.50 and possibly extending to $21.35.
The expected trading range is projected to fluctuate between the support level of $19.00 and the resistance level of $19.75.
The overall trend forecast for sugar prices remains bearish, with expectations of continued downward pressure in the near term.
