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Sugar prices closed positively yesterday, moving closer to the significant resistance level of $22.73. This development calls for caution in upcoming trading sessions. For the negative outlook to remain valid, prices must consolidate below this resistance level. Should this occur, the initial target for a downward movement would be $21.55.
However, if prices breach the $22.73 mark, the anticipated decline will be halted. This breakout could pave the way for a new bullish trend, with the next major target set at $23.91.
For today, the expected trading range for sugar is between the support level of $22.00 and the resistance level of $22.90.
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