Sugar price demonstrates a tranquil trajectory characterized by negative movement, a development that has resulted in the price descending beneath the 24.00 barrier. A comprehensive evaluation of the price chart uncovers the emergence of a double top pattern, the confirmation line of which converges with our awaited target at 23.50. This implies that a breach of this threshold would pave the way for additional bearish targets, encompassing the levels of 22.75 and subsequently 21.80.
In light of these developments, the prevailing sentiment pivots towards a bearish trajectory, a notion that is poised to persist in the imminent period. It is crucial to underscore the importance of maintaining a position beneath the 24.30 juncture, as this serves as a pivotal prerequisite for the achievement of the envisaged targets.
Forecasts for the trading span of today’s session extend between the foundational support at 23.40 and the opposing resistance stronghold at 24.20. In concordance with the prevailing trend sentiment, the overarching disposition leans towards a bearish trajectory, signaling an expectation for a downtrend in the valuation of sugar price for the day.
