Sugar prices have seen a significant rally after consolidating above the $21.55 level. The market has now breached the $22.15 mark, positioning itself for potential gains in the near term, with an initial target set at $22.73. A successful break above this level could further extend the bullish trend, aiming for $23.35 as the next key resistance.
The upward movement is supported by the price remaining above the 50-day Exponential Moving Average (EMA), indicating a continued positive outlook. This bullish sentiment will remain intact unless the price drops below $22.15 and sustains itself below that level.
For today, the anticipated trading range for sugar prices is between a support level of $22.10 and a resistance level of $22.90.
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