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Sugar prices are currently fluctuating around the 50-period exponential moving average (EMA50), which has established itself as a significant resistance level. As the stochastic indicator gradually loses its positive momentum, market observers are anticipating a continuation of the expected bearish trend in the near term. A critical level to watch is $21.55; a break below this threshold would confirm a downward movement towards the next target of $20.80.
Conversely, should prices breach the $22.73 mark, it would invalidate the anticipated negative scenario, potentially leading to a price increase.
For today, the expected trading range is set between a support level at $21.35 and a resistance level at $22.20.
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