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Sugar prices are currently trading within a bullish pennant pattern, indicating potential future movements. To sustain the bullish trend, prices must break through the $19.70 resistance level. Success in this breach could propel prices towards the next target of $20.04. The bullish outlook remains valid on both intraday and short-term bases, supported by the EMA50. However, if prices fall below $19.23, the bullish trend may reverse, leading to a potential decline.
Today’s expected trading range is between $19.20 and $20.00.
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