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Sugar prices have recently tested the $19.20 mark but have since consolidated below this level. Current stochastic indicators are showing negative signals, suggesting a potential bearish reversal that could drive prices down to target levels around $17.96.
Given these indicators, a bearish outlook is recommended for today. However, if sugar prices manage to break above the $19.20 resistance level, this would negate the anticipated decline and could potentially lead to gains reaching up to $20.27.
For today’s trading, the expected range is between a support level of $18.70 and a resistance level of $19.40.
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