In recent trading sessions, the price of sugar has resumed its downward trend, reaching the anticipated target of $18.00. Analysts foresee a continuation of this bearish bias, with the next potential downside target set at the previously recorded low of $17.35.
Key technical indicators, including the EMA50, continue to support this bearish momentum. However, analysts caution that a breach of the $18.90 mark could prompt a temporary recovery, with potential intraday gains aiming for the $19.82 level before any further downward movement.
The expected trading range for sugar is between $17.80 as support and $18.60 as resistance.
Overall, the trend forecast for sugar remains bearish, reflecting ongoing market sentiment and technical analysis.