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Sugar prices experienced a significant drop yesterday, closing below the $22.73 mark. An analysis of market trends reveals the formation of a double top pattern, which may indicate further losses in the upcoming trading sessions. Analysts are projecting a potential decline towards the $21.55 and $20.80 levels as the next target points.
As a result, traders should anticipate continued declines in the intraday market. However, a breach above the $22.73 threshold could reverse the current negative trend and trigger a price increase.
Today’s expected trading range is set between the support level of $21.80 and the resistance level of $22.65.
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