Sugar prices faced challenges in maintaining a sustained position above the 21.35 level, ultimately breaking below it once again. This development places the commodity under negative pressure in the upcoming sessions, with an initial target set at 19.80. Analysts highlight that a breach of this level could propel the price further towards the 19.00 areas, serving as the subsequent main station.
Negative signals emanating from both the EMA50 and stochastic indicators bolster expectations of an impending decline. The validity of this anticipated downward trend is contingent upon the price maintaining stability below the critical threshold of 21.35.
Investors and traders are urged to closely observe the projected trading range for today, oscillating between the support level of 20.10 and the resistance level of 20.90. This range serves as a pivotal gauge for assessing potential price movements and guiding strategic decision-making.
In summary, sugar prices’ inability to settle positively has introduced negative pressure, with key support levels indicating the potential depth of further declines. The maintenance of price stability below 21.35 will be instrumental in confirming the persistence of the bearish trend in the short term.
