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Sugar prices encountered considerable downward pressure as of last Friday, closing below the critical support level of $22.73. This decline suggests a potential further drop, with a target set around $21.55 in the upcoming sessions.
Market expectations indicate a continued bearish trend in the short term. However, should prices surpass and maintain a position above $22.73, a recovery could occur, aiming for a near-term target of $23.91.
For today, the anticipated trading range is projected between the support level of $22.10 and the resistance level of $22.90.
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