Sugar prices have demonstrated robust support at the recently breached neckline of the inverted head and shoulders pattern visible on the charts. This has spurred a clear upward rebound, with attempts to breach the $19.82 level, signaling a potential recovery and the initiation of a bullish trend on an intraday basis. Initial targets are set at $20.35 and $20.80, marking key resistance levels.
Today’s outlook suggests a bullish bias, contingent upon maintaining above the $19.25 support level. A breach of this support could halt the anticipated rise and expose the price to new downward pressures.
As trading unfolds, the expected range for today spans between support at $19.60 and resistance at $20.30. Investors and traders are advised to monitor price movements closely within this range for potential trading opportunities.
This analysis highlights the resilience in sugar prices and underscores the potential for further upside momentum, provided key support levels hold firm in the sessions ahead.
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