Sugar prices have exhibited a modest bullish inclination, possibly extending towards the 21.35 level before resuming a downward trajectory. It is crucial to observe whether the price manages to breach this level, as it holds the key to a potential recovery and an attempt to reestablish the primary bullish trend.
As long as sugar prices remain below the critical 21.35 threshold, our prevailing bearish outlook retains validity. The initiation of this bearish scenario is contingent upon breaching the 19.82 level, which would pave the way for a decline towards 18.55 in the short term.
The expected trading range for the current session is anticipated to fluctuate between the support level at 19.90 and the resistance level at 20.70.
In summary, sugar prices are poised for a potential downturn, with key levels at 21.35 and 19.82 influencing the market’s directional bias. Traders are advised to closely monitor these levels for insights into the forthcoming price movements.
