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Sugar Price Notches Substantial Gains

by Jennifer

Sugar prices have successfully attained our recently anticipated target at 24.34. It’s noteworthy that the price exhibited a robust upward rebound from this level, surpassing the 25.00 mark and reaching a crucial resistance point at 25.54. This level signifies the breached neckline of a double top pattern visible on the chart. Sustained trading below this resistance is pivotal to maintain the negative outlook, with target objectives extending towards the 24.00 regions.

Consequently, a bearish retreat from the current levels is anticipated. However, a breach of 25.54 could propel the price to secure additional gains, targeting the 26.08 level as the subsequent positive milestone.

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The projected trading range for today oscillates between support at 24.85 and resistance at 25.60.

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Projected Trend for Today: Bearish

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