Sugar Prices Face Downward Pressure Following Failed Breakout

by Yuki

Sugar prices made an attempt last Friday to breach the broken neckline of a double top pattern, but ultimately closed below this critical level. This failure keeps the negative implications of the pattern intact, signaling a potential continuation of the bearish trend. Analysts anticipate that prices could decline towards key support levels at $21.55 and $20.80.

Adding to the bearish outlook, Stochastic indicators are presenting negative signals, reinforcing expectations for a downward move. It is crucial for prices to remain below $22.73 to validate the projected targets.

For today, the expected trading range is anticipated to be between the support level of $21.50 and the resistance level of $22.30.

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