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Sugar prices witnessed a notable upward movement yesterday, retesting the previously broken neckline of the double top pattern around $22.15. However, the stochastic indicator shows a clear loss of positive momentum as it enters overbought territory, signaling a likely bearish reversal.
Analysts expect the bearish trend to resume on an intraday basis, with initial targets at $21.55, potentially extending further to $20.80.
However, it is important to note that if the price breaches the $22.15 level, it could push higher and achieve additional gains, reaching up to $22.73.
Today’s expected trading range is between the $21.55 support level and the $22.30 resistance level.
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