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Sugar Price Analysis
Expected Scenario:
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Sugar price experienced negative trades yesterday, testing the support line of the intraday bullish channel visible on the chart. This movement was influenced by stochastic negativity. We anticipate the price to resume its expected bullish trend on the intraday basis, with initial targets starting at $19.82. Breaking above this level could extend the bullish momentum towards $20.55 and then $21.35.
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The EMA50 continues to support the suggested bullish wave, which remains valid as long as the price maintains stability above $18.90.
Key Levels to Watch:
- Support: $19.25
- Resistance: $20.00
Expected Trading Range:
Between $19.25 (support) and $20.00 (resistance).
Trend Forecast:
Bullish
