Advertisements

Sugar Price Tests Key Support Level

by Jennifer

The price of sugar concluded the previous week on a negative note, breaching the support level at 26.74 and establishing itself below this critical threshold. This development suggests a potential return to a bearish correctional trajectory. It’s noteworthy, though, that the stochastic indicator is signaling some positive momentum, which could support a price recovery.

Given these circumstances, it is advisable to exercise caution and await further confirmation based on the behavior of the price concerning the aforementioned support level. A sustained position below this level will likely propel the price toward bearish objectives, commencing at 26.08. Conversely, a breakthrough above this level would reactivate the primary bullish scenario, with the next significant target situated at 27.82.

Advertisements

The anticipated trading range for today spans from the support level at 26.15 to the resistance level at 27.00. In the immediate term, the price trend is characterized as neutral, reflecting a degree of market uncertainty.

Advertisements

You May Also Like

blank

Futuresstocktrading.com is a comprehensive futures information portal. Whether you’re a novice or seasoned trader, find futures news, futures market, futures trading tips, and futures basic knowledge to enhance your trading prowess and financial success.

[Contact us: [email protected]]

© 2023 Copyright  Futuresstocktrading.com – Futures Market, Investment, Trading & News