Sugar prices are experiencing clear negative movement, shifting away from the resistance line of the bearish channel. This reinforces expectations for the continuation of the bearish trend on both an intraday and short-term basis. The anticipated target for this decline is $20.08.
The 50-period Exponential Moving Average (EMA50) further supports this bearish outlook. However, a break above $21.55 would negate the current trend and likely trigger a price reversal toward upward movement.
ADVERTISEMENT
The expected trading range for today is between a support level at $20.00 and resistance at $20.80.
ADVERTISEMENT
Related topic:
ADVERTISEMENT
