Sugar prices are experiencing downward pressure, testing the critical support level of 21.35 and signaling a potential decline. This trend is particularly evident after the breach of the intraday bullish channel’s support line on the chart. However, it is worth noting that stochastic indicators are showing oversold signals, which may provide some protection against further losses.
Given the conflicting technical signals, market participants are advised to exercise caution and await clearer signals regarding the next trend. A continuation of the decline and a break below 21.35 support could lead to further negative targets, starting at 20.55. Conversely, a breach of the 21.90 resistance level would signal a resumption of the bullish wave, with the next target set at 22.60.
Today’s expected trading range is between 21.00 as support and 21.95 as resistance.
Overall, the trend forecast for sugar prices remains neutral as market participants await further clarity on the direction of the market.
