The price of sugar initiated an endeavor to breach the significant level of 24.30 during the preceding trading session. Despite this initial attempt, the price concluded its trading activities with discernible downturn, ultimately establishing a stance below the aforementioned level. This downturn further substantiates the prospect of a retracement towards the bearish correctional pathway, with the trajectory poised to direct its course towards the attainment of negative targets. This journey commences with a trial of the 23.50 mark.
Given this unfolding narrative, the prevailing bias for the day remains inherently bearish. A decisive breach of the intermediate threshold at 24.00 would facilitate the prospect of achieving the awaited target, consolidating the bearish outlook. Conversely, a breakthrough beyond the 24.30 juncture would constitute a constructive influence, potentially setting the stage for the price to recover and embark on a journey to explore the realms around 25.25.
For the forthcoming trading duration, the envisaged trading span extends between the support foundation at 23.70 and the opposing resistance bastion at 24.35. The dominant trend sentiment remains bearish, accentuating the sustained inclination towards a descent in the valuation trajectory of sugar.
