Sugar prices have exhibited signs of a modest bullish inclination recently, influenced by positive movements in the stochastic indicator. However, it’s crucial to note that the overarching scenario remains one of corrective bearishness, as long as the price manages to hold above the 27.80 level. A decisive breach below this level would pave the way for a potential decline toward the 26.74 support, serving as the next corrective target.
On the flip side, it is imperative to acknowledge that any sustained uptrend leading to a breach of the 27.80 resistance would invalidate the bearish outlook, potentially marking a return to the primary bullish trajectory.
Today’s projected trading range is expected to fluctuate between the support at 26.70 and resistance at 27.40. The immediate trend bias remains bearish, with a potential for recovery if key resistance levels are surpassed.
Today’s Expected Range: 26.70 (Support) – 27.40 (Resistance)
Anticipated Trend for the Day: Bearish, with potential for recovery if 27.80 resistance is breached.
