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In the latest analysis of sugar prices, a continued descent was observed, with the commodity experiencing further negative trades, bringing it closer to the second awaited target at $18.00. Despite temporary bullish sentiment influenced by stochastic positivity, the EMA50 continues to exert downward pressure on the price, reinforcing expectations of a sustained bearish trend in the upcoming period.
It’s essential to highlight that exceeding the aforementioned level would propel the price towards $17.35 as the subsequent negative target. Moreover, the bearish trend remains valid unless there’s a decisive breach of $19.82 accompanied by sustained levels above it.
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Expected Trading Range
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- Support: $18.30
- Resistance: $19.10
Trend Forecast: Bearish
