Sugar prices demonstrated notable upward movement in trading yesterday, nearing the anticipated target of $19.82. Market analysts emphasize the significance of this level, highlighting that a breakthrough could pave the way for further gains towards the next key level at $20.50. The 50-day Exponential Moving Average (EMA50) is positioned below current prices, reinforcing expectations of continued upward momentum. Sustained trading above $18.90 is seen as crucial to maintaining the bullish trajectory.
Looking ahead, the expected trading range is anticipated to oscillate between a support level of $19.20 and a resistance barrier at $20.10. Analysts forecast a bullish trend continuation, buoyed by technical indicators and market sentiment.
This optimistic outlook underscores growing confidence in the sugar market’s upward momentum, with attention firmly fixed on the $20.50 price milestone as the next major target.