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Sugar prices achieved the initial target of $18.88 but closed below this level yesterday, reinforcing the ongoing bearish trend on an intraday basis. The next target for sugar prices is set at $18.43. A break below this level could pave the way for a further decline towards $18.00.
The bearish outlook is supported by the negative implications of a double top pattern, which suggests that the downward trend will persist, provided the price remains below $19.23.
For today, the anticipated trading range for sugar is between $18.10 as support and $18.90 as resistance.
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