Sugar prices faced downward pressure at the close of trading last Friday, dropping below the critical $21.55 level. This decline suggests that prices may continue to decrease in the short term. However, analysts advise adopting a cautious approach and waiting for clearer signals before making predictions about the next trend.
If sugar prices remain below the $21.55 threshold, it is expected that the downward movement will persist, with potential support levels at $21.00 and $20.08. On the other hand, if prices recover and rise above the $21.55 mark, a bullish reversal may be in play, potentially driving prices toward $22.10 and $22.73.
For today, the anticipated trading range for sugar prices is between the support level of $20.80 and the resistance level of $21.85.
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