The price of sugar exhibited a distinct upward trajectory as yesterday’s trading concluded, surging beyond the significant barrier at $27.00. This robust movement serves to reinforce expectations of a sustained bullish trend in the forthcoming sessions, with the path now paved for a potential advancement towards our next target at $27.82.
A bolstering factor for this positive outlook is the constructive overlap of the stochastic indicator, providing additional support to the envisioned upward scenario. The validity of this bullish stance is contingent upon the price maintaining levels above $26.74.
As traders navigate the market, the projected trading range for today is anticipated to fluctuate between the support at $27.00 and resistance at $27.80. The prevailing trend for the day is expected to remain bullish, underscoring the potential for further upward movements in response to ongoing market dynamics.
