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Sugar prices experienced a notable decline yesterday, completing the formation of a double top pattern. The market reached a key threshold at $21.55, which is identified as the first target. Analysts predict that a break below this level could pave the way for further declines, potentially reaching a target of $20.80.
As the trend continues, expectations lean toward additional decreases in the upcoming trading sessions. However, it is important to note that if prices breach the $22.73 mark, this could halt the current bearish trend and lead to an attempt to return to a bullish trajectory.
For today’s trading, the expected range is set between a support level of $21.40 and a resistance level of $22.20.
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