Sugar prices concluded the previous trading session on a notably negative note, with a break below the critical support level at 26.74. This break has led to a return to the bearish correctional path, as the market strives to achieve its bearish targets, commencing at 26.08 and potentially extending further to 25.54 following the breach of the prior level.
As a result, the prevailing outlook remains bearish for the upcoming trading sessions unless the price manages to stage a substantial rally, ultimately breaking above 26.74 and maintaining its position above this key level.
Today’s Expected Trading Range and Trend
The projected trading range for the current day is expected to fluctuate between 25.90, offering support, and 26.74, serving as a resistance barrier. The prevailing trend for today continues to be bearish, aligned with the enduring downward momentum affecting sugar prices.
Market participants are advised to closely monitor these developments as they shape their strategies and positions in response to the ongoing dynamics within the sugar market.
