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.
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