Sugar price concluded the previous session on a positive note, testing the 21.35 level and endeavoring to maintain a position above it. A notable observation is the emergence of indications pointing towards a potential double bottom pattern, contingent on breaching the mentioned level. This suggests a prospective recovery in the upcoming sessions. However, it is crucial to note that technical indicators convey negative signals that could prompt a reversal.
In light of this, a prudent approach is recommended, and it is advisable to monitor the price action around the 21.35 level. A successful breach could propel the price towards 22.60, while a failure to consolidate above may lead to a resumption of the primary bearish trend, with the next target situated at 19.82.
Expected Trading Range: 21.00 (Support) – 21.80 (Resistance)
Expected Trend: Neutral
