The sugar price has once again undergone a phase of diminishing value, culminating in its successful breach of the 24.00 level, followed by its descent below this critical threshold. This development resuscitates the bearish scenario, steering the trajectory towards the attainment of negative targets, which manifest as initial milestones at 23.50 and subsequently extending to 23.75 upon surpassing the aforementioned level.
As we look to the immediate future, the trend appears poised to continue in a downward trajectory, bolstered by the price’s positioning beneath the influence of the EMA50. It’s noteworthy, however, that a breach of the 24.30 threshold would serve to halt the negative narrative, potentially steering the price toward an endeavor to regain the dominant bullish trajectory.
The projected boundaries encapsulating today’s trading domain are forecasted to oscillate within the supportive perimeters set at 23.40 and the resistant echelon of 24.30.
The trajectory envisioned for the day aligns with a neutral sentiment, reflecting a cautious market perspective characterized by a state of equilibrium.
