Sugar prices exhibited a robust upward rally in the previous session, successfully reaching our anticipated extended target at 26.80. The bullish trend appears poised to persist, with the potential to surpass this level and attain further gains, potentially reaching the vicinity of 27.50.
This positive outlook is underpinned by the presence of the EMA50, which provides additional support to the prevailing bullish sentiment. However, it is vital to be vigilant, as a failure to exceed the 26.80 level could lead to a shift in the scenario, potentially triggering a decline.
For today’s trading session, the projected range is expected to fluctuate between the support level at 26.40 and the resistance level at 27.25.
In summary, the current trend strongly favors a bullish trajectory for sugar prices, with the potential for further gains in the upcoming sessions, as long as key support levels remain intact.
