Sugar prices experienced renewed downward pressure in recent trading sessions, testing a critical support level at 26.20. It’s noteworthy that the price managed to consolidate above this level, signaling a potential recovery attempt. This development aligns with our previously positive outlook, which remains in effect, contingent on breaking the resistance barrier at 26.80. Doing so would pave the way for further upward movement, targeting our primary objective at 27.50.
It’s crucial to bear in mind that a breach below the support level at 26.20 would invalidate the suggested bullish trend, subjecting the price to corrective bearish pressures once again.
For today’s trading, keep an eye on the expected range, which may fluctuate between support at 26.20 and resistance at 27.10.
In summary, the current outlook suggests a bullish sentiment in sugar prices, contingent on breaking through the resistance level at 26.80 to aim for the 27.50 target.
