The downward trajectory of sugar prices persists, with the market experiencing a continuation of the bearish wave. Notably, sugar prices have surpassed the second awaited target at $20.50 and settled below it, reinforcing the prevailing negative sentiment.
Market analysis indicates that the EMA50 is exerting continuous downward pressure, further supporting the negative scenario. This outlook remains valid as long as the price remains stable below $21.35.
Traders are advised to operate within the expected trading range for today, which spans from support at $19.70 to resistance at $20.50.
The trend forecast maintains a bearish outlook, reflecting the ongoing downward momentum in sugar prices. Market participants should closely monitor market dynamics and adjust their strategies accordingly to navigate the current trend.
