Sugar prices recently tested the $21.35 level, although they concluded yesterday’s trading session on a positive note, indicating a potential resurgence of the bullish trend on an intraday basis. This suggests a bullish bias for forthcoming sessions, with a target set around the $22.60 mark as the next significant milestone.
Supporting this outlook is the positive overlap observed in the stochastic indicator, reinforcing the expectation of upward momentum. It’s noteworthy that a breach of the $21.35 level would negate this upward trajectory, potentially triggering a reversal towards a decline in prices.
Today’s anticipated trading range is projected between the support level at $21.40 and the resistance at $22.10.
Trend Projection: Bullish
This forecast indicates a prevailing bullish sentiment in the sugar market, with potential opportunities for traders, contingent upon monitoring key support and resistance levels for any significant shifts in market dynamics.
