Sugar prices have successfully attained our recently anticipated target at 24.34. It’s noteworthy that the price exhibited a robust upward rebound from this level, surpassing the 25.00 mark and reaching a crucial resistance point at 25.54. This level signifies the breached neckline of a double top pattern visible on the chart. Sustained trading below this resistance is pivotal to maintain the negative outlook, with target objectives extending towards the 24.00 regions.
Consequently, a bearish retreat from the current levels is anticipated. However, a breach of 25.54 could propel the price to secure additional gains, targeting the 26.08 level as the subsequent positive milestone.
The projected trading range for today oscillates between support at 24.85 and resistance at 25.60.
Projected Trend for Today: Bearish
