Sugar prices have extended their decline, settling at the key support level of $17.00, reinforcing expectations for continued bearish movement. The price is within a bearish channel, with negative targets now set at $16.65, followed by $16.20.
It is crucial for the price to stay below $17.70 to maintain the bearish outlook. A break above this level would signal a potential shift, initiating a bullish correction and reversing the current downward trend on the intraday chart.
The expected trading range for today is between support at $16.50 and resistance at $17.25.
Trend Forecast: Bearish