Sugar Prices Edge Higher, Eyeing Resistance at $21.30

Sugar prices showed positive momentum yesterday, approaching the 50-period Exponential Moving Average (EMA50), with further gains anticipated. The price is likely to test the resistance line of a bearish channel around $21.30, and it could extend up to $21.55 before potentially reversing to resume the prevailing bearish trend.

As such, the overall bearish outlook remains intact for the short term. A break below $20.08 would signal the end of the recent upward move, potentially pushing prices lower again.

For today, the expected trading range is between support at $20.40 and resistance at $21.10.

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