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Sugar Prices Commence Bearish Correction

by Jennifer

Sugar priceshave encountered challenges in sustaining their upward trajectory and consolidating above the support line of the bullish channel. Instead, the market has witnessed a bearish rebound, marking the initiation of a corrective phase for the prior ascent that commenced from the $23.26 regions. This bearish correction is anticipated to target negative objectives, commencing at $26.74 and extending to $26.08 upon the breach of the former level.

Consequently, the prevailing sentiment for today leans towards a bearish bias unless the price manages to mount a rally and break above the $27.80 threshold while maintaining a position above it.

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The projected trading range for the day is expected to fluctuate between the support level at $26.70 and the resistance level at $27.50.

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Market analysts underscore the bearish outlook for the day in sugar prices, highlighting the significance of the $27.80 level as a potential turning point in the market’s direction.

 

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