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Sugar prices surged yesterday, breaking through the resistance of a bearish channel on the chart. Despite this uptick, the 50-period Exponential Moving Average (EMA50) continues to exert downward pressure, suggesting that the overall bearish trend remains intact. As a result, the outlook for the near term points to a continuation of the downward movement, with the next key target at $20.08.
Unless the price breaks above $21.55 and sustains a daily close above this level, the bearish scenario is expected to dominate both intraday and short-term trading.
For today, the anticipated trading range is between support at $20.50 and resistance at $21.40.
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