In a notable development, the price of sugar has successfully reached the anticipated target of $21.35, closing below this level on the daily candlestick. This achievement reinforces the prevailing sentiment of a continued bearish trend, with further downward movement expected towards target levels of $21.00 and subsequently $20.50.
As such, the dominance of the bearish trend is anticipated to persist in the upcoming trading sessions. However, it’s essential to consider that a breach above $21.65 could disrupt the expected decline, potentially prompting the initiation of recovery attempts on an intraday basis.
The projected trading range spans between the support level at $20.90 and the resistance level at $21.55, reflecting the current market dynamics.
Trend Outlook: Bearish
