Sugar Prices Achieve Initial Downside Target Before Testing Key Resistance

Sugar prices have successfully reached the initial bearish target at 21.35, encountering robust resistance at this level. Subsequently, the price has displayed a modest rebound, heading towards a critical resistance zone around 22.60. It is imperative to observe whether the price can consolidate below this level, as it is crucial for the continuation of the prevailing bearish trend. The next downside targets extend to 20.45, followed by 19.82.

While the bearish scenario remains the primary outlook, a breach of 22.60 could signal a pause in the anticipated decline, prompting the price to initiate a recovery attempt to offset recent losses.

Expected Trading Range: $21.50 (Support) – $22.60 (Resistance)

Expected Trend: Bearish