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Sugar prices have recently experienced a downturn, settling below $19.60. This drop suggests a potential continued decline in the near term. However, technical indicators currently provide positive signals, hinting at a possible recovery. For the price to confirm a rebound and potentially rise to around $20.04, it must stabilize above $19.60.
In the short term, a bullish trend is anticipated, provided that the price does not fall below $19.23. A breach of this level could exert additional negative pressure on sugar prices.
Today’s expected trading range is between $19.20 (support) and $20.00 (resistance).
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