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Yesterday, sugar prices exhibited a positive trading trend, approaching a critical resistance level at $19.23. However, the stochastic indicator has shown a notable loss in positive momentum, suggesting that the price may face challenges in maintaining its upward trajectory.
The negative pressure exerted by the 50-day Exponential Moving Average (EMA50) reinforces the anticipation of a bearish trend in the near future, with the next target set at $18.43. It is crucial for prices to remain below the $19.23 resistance level to sustain the expected decline.
For today’s trading, the anticipated range is between the support level at $18.40 and the resistance level at $19.23.
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