Sugar prices have surged towards the anticipated target of $19.20, marking the neckline of a double top pattern visible on the charts. This level holds significant importance as it could dictate future price movements. A breakthrough above $19.20 suggests potential for further gains towards $20.27. Conversely, failure to consolidate above this level may lead to a decline, possibly revisiting $17.96 initially.
Market analysts advise caution, recommending to wait for price confirmation around the $19.20 mark to ascertain the next clear direction. Today’s trading range is expected between support at $18.70 and resistance at $19.50.
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