Sugar Prices Face Bearish Pressure Amid Support Levels

by Yuki

Sugar prices have shown bearish tendencies after testing the $22.15 level in recent sessions. However, the market has encountered solid support at $21.55. Analysts are now awaiting a negative catalyst that could help push prices below this support level, which would confirm a continuation of the bearish trend on both an intraday and short-term basis. A break below $21.55 is projected to drive prices down to $20.80.

Given these developments, the forecast remains bearish for the near future, unless prices breach and maintain levels above $22.15.

Today’s expected trading range is set between a support level of $21.30 and a resistance level of $22.00.

Related topic:

3 Things To Know Before Trading Sugar Futures

Wheat Prices Show Downward Trend, Targeting $568.50

Corn Prices Face Downward Pressure, Set to Test Key Support Levels

Related Articles

blank

Welcome to sorafutures futures portal! Here, we illuminate pathways to tomorrow’s opportunities, equipping you with insights and resources to thrive in an ever-evolving world. With a blend of vision and pragmatism, we empower individuals to navigate uncertainties and seize their future with confidence.

Copyright © 2023 sorafutures.com