Sugar prices have exhibited notable positive movements, approaching the critical resistance level at 26.08. There is an attempt to establish a position above this level; however, the daily candlestick closed exactly at this point. As a result, a cautious approach is warranted, and it is advisable to wait for price confirmation around this level before determining the next trend.
Confirmation of a breach above 26.08 will likely trigger a return to the primary bullish trend, with an initial target set at 26.74. Conversely, a sustained consolidation below this level could indicate a correctional bearish trajectory, targeting an initial test of 25.54.
For today’s trading, the expected range is anticipated to be between the support level at 25.60 and the resistance level at 26.60.
In summary, the sugar market is currently at a crucial juncture, with the need for price confirmation to guide future trading decisions. A breach above or below the 26.08 level will be a key determinant of the market’s direction.
