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Sugar prices have recently retested the broken neckline of a previously completed double top pattern, maintaining stability below this critical level. This movement keeps the bearish trend scenario intact, with initial targets set at $21.55, potentially extending to $20.80 upon breaking the previous support level.
The price action below the 50-day Exponential Moving Average (EMA) further supports the anticipated decline. This downward trend will remain valid as long as prices stay below $22.73.
For today, the expected trading range for sugar prices is between a support level of $21.40 and a resistance level of $22.20.
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