As of the close of the previous Friday, sugar price witnessed a distinct downturn, testing the 21.35 level. The market now awaits a potential break below this critical threshold to affirm the ongoing dominance of the bearish trend, with subsequent targets marked at 20.45 and 19.82.
The persistence of the bearish trend scenario remains contingent on successfully breaking the 21.35 level. A failure to breach this level may lead to intraday gains, potentially propelling the price to test the 22.60 level before any renewed negative attempts.
The expected trading range for the current day is anticipated to fluctuate between the support level at 21.10 and the resistance level at 21.90. These specified levels serve as pivotal reference points for traders navigating the sugar market.
Today’s trend outlook leans bearish, subject to the price dynamics surrounding the crucial 21.35 level. Traders are advised to exercise caution, closely monitoring market developments, and staying attuned to potential shifts in sentiment, with a particular emphasis on the crucial support and resistance levels outlined above.
