Sugar prices concluded the recent daily trading session with a closure below the critical level of 21.35. This downward move suggests a resurgence of the bearish trend on both the intraday and short-term horizons. The consistent downward pressure imposed by the EMA50, coupled with negative overlaps in the stochastic indicator, reinforces the potential for a continuation of the bearish trajectory.
In light of these indications, it is plausible to anticipate the resumption of the bearish trend in the upcoming sessions. The primary target for this downward movement is situated at 19.82, contingent upon the maintenance of levels below 21.35 – 21.55.
For today’s trading activities, the projected range spans from support at 20.80 to resistance at 21.45, encapsulating the potential price fluctuations within the existing market conditions.
The prevailing trend for today leans towards a bearish sentiment, underlining the likelihood of further declines in sugar prices. Traders are advised to remain vigilant for any developments and closely monitor key support and resistance levels for potential shifts in market dynamics.
