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Sugar price encountered renewed downward pressure yesterday, leading to a retest of the previously breached neckline of the double bottom pattern. This downward movement was influenced by stochastic negativity. Analysts anticipate a resumption of positive trading activity, aiming towards our next main target at 22.60.
Overall, the bullish trend remains active unless the price breaks below the 21.35 level and maintains a hold below it. A breach of this level would signal a shift towards a decline, potentially initiating a bearish wave targeting the 20.50 areas initially.
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Today’s expected trading range is projected to fluctuate between the support level at 21.50 and the resistance level at 22.20.
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Trend Forecast: Bullish
