Sugar’s price exhibited notable bearish movement in the preceding session, leading to the attainment of our awaited initial target at 23.50. The focus now rests on the potential breach of this level, a move that could activate the adverse impact stemming from the double top pattern evident on the chart. This development might propel the price further downward, directing it towards our projected negative targets positioned at 22.75 and subsequently 21.80.
Hence, the prevailing outlook suggests a continuation of the bearish trajectory in the forthcoming sessions, unless there is a substantial upward surge capable of propelling the price to surpass the 24.30 resistance level and maintain its position above it.
In terms of anticipated price movement for today, the trading range is expected to oscillate between 23.10 as a support and 23.90 as a resistance.
Projected Trend for Today: Bearish
