Sugar prices closed last Friday on a downward trend, retreating sharply after nearing the anticipated target of $22.73. The market is now testing a critical support level at $21.55, prompting caution among traders. Maintaining a position above this support is essential for the continuation of the bullish outlook, which aims to retest $22.73 in the coming sessions.
Conversely, a break below the $21.55 support would signal an end to the bullish trend, potentially shifting prices back into a bearish phase. This could lead to further declines, with initial targets set at $21.00, followed by $20.65.
For today, the expected trading range is between a support level of $21.40 and a resistance level of $22.15.
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