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Sugar prices are continuing their downward trajectory, bolstering expectations of reaching lower targets following the completion of a double top pattern. Analysts foresee a test of the $18.00 mark as the next significant target.
The bearish sentiment is underscored by the influence of the EMA50, which is exerting negative pressure and reinforcing the projected downward trend. Maintaining a position below $19.25 remains crucial to sustain the bearish outlook.
Today’s anticipated trading range spans between a support level of $18.00 and a resistance level of $18.70, reflecting ongoing market volatility and investor caution amid the prevailing downtrend.
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