2
Sugar prices closed lower yesterday, approaching the $21.55 mark. This movement supports ongoing bearish trend expectations for the coming sessions, primarily influenced by a double top pattern visible on the chart. Analysts are targeting a further decline to $20.80.
Technical indicators currently show negative signals that reinforce the likelihood of a price drop. However, if sugar prices fail to break below the $21.55 level, a rebound may occur, potentially testing the $22.15 and possibly extending to $22.73 before any renewed downward movement.
For today, the anticipated trading range is set between a support level of $21.00 and a resistance level of $21.80.
Related topic: