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Last Friday, sugar prices experienced a notable decline, breaking through a bearish trend line and initiating a potential bullish correction. The decline, which began from the $20.76 level, saw prices surpass the 23.6% Fibonacci retracement level, positioning them to possibly reach $18.88 in the near term.
Given this technical setup, a bullish trend is anticipated for today. If prices break through the $18.88 level, the next target could be $19.23. However, should the price fall below $18.24, it would negate the expected rise and potentially lead to a further decline.
For today, the projected trading range is between the support level of $18.25 and the resistance level of $19.10.
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