Sugar prices exhibited significant volatility yesterday, climbing to the $25.00 range before experiencing a sharp decline, ultimately settling below the $22.73 mark. This movement maintains a negative outlook for the near term, with initial support expected at $21.55. A breach of this support level could lead prices to further decline towards a target of $20.80.
Technical indicators, particularly the Stochastic oscillator, are currently showing negative signals, reinforcing the expectation of continued price declines. This bearish sentiment will remain intact as long as prices remain below the $22.73 threshold.
For today’s trading session, analysts project a trading range between the support level of $21.25 and the resistance level of $22.10.
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