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The price of sugar concluded the previous session with a renewed downturn, sustaining its position below the 21.35 level. Notably, recent trading activities have been confined within a rising wedge pattern apparent on the chart. To trigger the adverse impact of this pattern, the price must breach the 20.90 level, facilitating a move towards our primary target at 19.82.
Hence, the bearish trend is likely to persist in the forthcoming period, contingent on the price remaining below the levels of 21.35 and 21.65.
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The anticipated trading range for today is expected to fluctuate between the support level of 20.60 and the resistance level of 21.30.
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Today’s expected trend: Bearish
