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Sugar prices experienced a positive uptick yesterday, testing the 50-day Exponential Moving Average (EMA). However, the stochastic indicator shows a loss of positive momentum, suggesting a potential bearish reversal in the short term. This indicates that the prices may decline further, with initial support at $17.96, potentially leading to a target of $17.35.
Conversely, if prices breach the $18.95 mark, this would invalidate the bearish outlook and could drive prices higher, potentially reaching $20.27.
For today, the expected trading range for sugar prices is between a support level of $18.10 and a resistance level of $18.90.
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