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Sugar prices successfully reached the anticipated target of $21.55, where they encountered solid support. This level has prompted a bullish bias as prices now test the 50-day Exponential Moving Average (EMA), which acts as a resistance barrier. Market analysts are closely watching for a potential resumption of negative trades, which could lead to a break below this support level. If this occurs, prices may head towards the next target of $20.80.
Looking ahead, the bearish trend is expected to persist unless prices manage to breach the $22.73 mark and maintain above it.
For today, the anticipated trading range is set between a support level of $21.35 and a resistance level of $22.20.
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