Sugar Prices Hit Target Amidst Resistance Testing

by Yuki

Sugar prices successfully reached the anticipated target of $21.55, where they encountered solid support. This level has prompted a bullish bias as prices now test the 50-day Exponential Moving Average (EMA), which acts as a resistance barrier. Market analysts are closely watching for a potential resumption of negative trades, which could lead to a break below this support level. If this occurs, prices may head towards the next target of $20.80.

Looking ahead, the bearish trend is expected to persist unless prices manage to breach the $22.73 mark and maintain above it.

For today, the anticipated trading range is set between a support level of $21.35 and a resistance level of $22.20.

Related topic:

3 Things To Know Before Trading Sugar Futures

What Are Grain Futures?

Which Crops Cannot Be Traded in Futures? [Revealed]

Related Articles

blank

Welcome to sorafutures futures portal! Here, we illuminate pathways to tomorrow’s opportunities, equipping you with insights and resources to thrive in an ever-evolving world. With a blend of vision and pragmatism, we empower individuals to navigate uncertainties and seize their future with confidence.

Copyright © 2023 sorafutures.com