Sugar prices demonstrated notable strength in yesterday’s trading session, surging past the critical resistance level of 26.74 and closing above it. This breakthrough has set the stage for a potential revival of the primary bullish trend, with the immediate target set at 27.82.
As a result, the prevailing sentiment for today suggests a bullish bias, underpinned by the price’s ability to maintain its position above the Exponential Moving Average 50 (EMA50). However, it’s worth noting that a breach below the 26.74 level could introduce corrective bearish pressures.
For the current trading day, the expected trading range is anticipated to range between the support level at 26.95 and the resistance at 27.80.
In summary, sugar prices have made a strong upward move, surpassing the critical resistance at 26.74, with the next target marked at 27.82. This has tilted the outlook in favor of the bulls, further supported by the price’s position above the EMA50. Nevertheless, traders should remain vigilant for any signs of a reversal, as breaking below 26.74 could potentially introduce corrective bearish pressures. The expected trading range for the day is seen between 26.95 (support) and 27.80 (resistance), with the overall trend indicating a bullish bias.
