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Expected Scenario
Sugar price has resumed its downward trajectory, successfully reaching our second target at $18.00. We anticipate the continuation of the bearish bias, leading to a visit to the previously recorded low at $17.35 as the next negative objective. The EMA50 remains supportive of the suggested bearish wave. It is noteworthy that breaching $18.90 might prompt the price to attempt a recovery, aiming for intraday gains targeting the testing of $19.82 areas before any new attempt to decline.
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Expected Trading Range
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The projected trading range for sugar spans between support at $17.80 and resistance at $18.60.
Trend Forecast: Bearish
