Sugar prices showed positive movement yesterday, briefly testing the 50-period Exponential Moving Average (EMA), which acted as a strong resistance level. At the same time, the stochastic indicator began to lose its upward momentum, suggesting the potential for a resumption of the bearish trend within the established downward channel on the chart. As a result, the price is expected to target $20.08 in the near term.
The overall outlook remains bearish unless prices break above $21.55 and sustain trading above this level. In the absence of such a rally, the bearish trend is anticipated to persist.
For today, the expected trading range for sugar is between support at $20.60 and resistance at $21.40.
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