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Sugar Price Approaches Resistance

by Jennifer

Sugar prices have exhibited notable positive movements, approaching the critical resistance level at 26.08. There is an attempt to establish a position above this level; however, the daily candlestick closed exactly at this point. As a result, a cautious approach is warranted, and it is advisable to wait for price confirmation around this level before determining the next trend.

Confirmation of a breach above 26.08 will likely trigger a return to the primary bullish trend, with an initial target set at 26.74. Conversely, a sustained consolidation below this level could indicate a correctional bearish trajectory, targeting an initial test of 25.54.

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For today’s trading, the expected range is anticipated to be between the support level at 25.60 and the resistance level at 26.60.

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In summary, the sugar market is currently at a crucial juncture, with the need for price confirmation to guide future trading decisions. A breach above or below the 26.08 level will be a key determinant of the market’s direction.

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