2
Sugar prices experienced a significant increase yesterday, surpassing the previous target of $20.76 to reach approximately $21.55. This movement marks a bullish correction following a decline from $27.75 to $17.71. Analysts suggest that if prices break through the $21.55 resistance level, they could continue to climb toward the next target of $22.73.
The current bullish trend is anticipated to persist in the near term. However, should prices fail to breach the $21.55 threshold, a bearish rebound could occur, potentially pushing prices down to test the $20.70 level.
Today’s expected trading range is set between a support level of $21.00 and a resistance level of $22.10.
Related topic:
3 Things To Know Before Trading Sugar Futures