Sugar prices have achieved the initial target at 27.50, marking a significant milestone in recent trading sessions. However, the market concluded the previous Friday with noticeable bearish sentiment, breaking the support line of the intraday bullish channel. This downturn led the price to approach the critical support level at 26.00, influenced by the negative readings on the stochastic oscillator.
These developments necessitate caution in upcoming trading sessions, with the price requiring consolidation above the mentioned support at 26.00 as an initial protective measure to sustain the prevailing bullish trend.
As of now, the overall bullish scenario remains intact, provided that the price maintains levels above 26.80, and most crucially, above 26.20. It’s essential to reiterate that the next primary target remains at 28.00.
For the current trading session, the expected trading range is anticipated to fall within the support level at 26.70 and the resistance level at 27.60. The overarching trend expected for the day remains bullish.
Market participants are advised to exercise caution and closely monitor sugar prices, as market dynamics can be influenced by various factors, including supply and demand dynamics, weather conditions, and geopolitical events. Staying informed about the latest market conditions is crucial for making well-informed decisions.
