Sugar prices experienced another day of losses yesterday, inching closer to the anticipated target of $18.00. Despite a brief uptick in stochastic indicators, signaling a temporary bullish sentiment, the overarching trend remains bearish, with the EMA50 exerting downward pressure on prices. Analysts interpret this as indicative of a sustained bearish momentum in the foreseeable future.
The looming target of $17.35 awaits should prices breach the aforementioned level, reinforcing the prevailing negative sentiment. The bearish trend is expected to persist unless a significant breakthrough occurs, with prices surpassing $19.82 and maintaining above this threshold.
Traders are advised to navigate within the trading range delineated by support at $18.30 and resistance at $19.10, with the overall trend forecasted to remain bearish in the upcoming trading sessions.