Sugar prices are continually exerting downward pressure, maintaining proximity to the crucial support level at 22.60. Notably, a triple top pattern is forming on the chart, with signs becoming evident. The significance lies in the potential breakdown below the levels of 22.70 to 22.60, indicating a shift towards a bearish trend.
However, it’s essential to highlight the presence of conflicting signals from technical indicators, offering a degree of positive support that could mitigate further losses.
Given the current contradiction in technical factors, a cautious approach is advisable. Waiting for a clearer signal to determine the next trend direction is prudent. A breach below 22.60 would likely lead to a decline towards the 21.35 areas in the short term. Conversely, surpassing 23.20 would invalidate the suggested negative formation, paving the way for a recovery with initial positive targets around 23.80.
For today’s trading, the expected range is between the support level at 22.40 and the resistance level at 23.40.
In summary, the sugar market currently shows a neutral outlook, emphasizing the importance of monitoring key support and resistance levels for potential trend confirmation.
