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Sugar Price Analysis: Bearish Trend Maintained, Target Set at $18.50

by Daisy

The sugar price remains in a state of flux around the $19.82 mark, persisting below this level and thereby affirming the continuation of a bearish trend in the foreseeable future. This trajectory is bolstered by the downward pressure exerted by the EMA50 indicator. Market analysis suggests the next significant target rests at $18.50.

Any breach of the $19.82 threshold would disrupt the anticipated downward movement, prompting efforts towards recovery with initial targets set at $20.55, followed by $21.35.

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Expected Trading Range: $19.10 (Support) – $19.80 (Resistance)

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Trend Forecast: Bearish

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