Sugar prices currently face resistance in breaking the support line of a rising wedge pattern, as indicated on the chart. A subtle bullish bias is observed, influenced by stochastic positivity. However, the presence of the EMA50 imparts a negative pressure on the price, reinforcing the likelihood of a sustained bearish trend in the upcoming period. The primary target for this anticipated downward movement is the 19.82 areas.
The continuation of the bearish trend remains valid and active unless there is a breach of the 21.65 level, followed by a confirmed hold above it.
In light of the prevailing conditions, the expected trading range for today is anticipated to fluctuate between the support at 20.80 and the resistance at 21.65.
Today’s overall trend outlook leans towards a bearish trajectory, with close attention to key levels to discern potential shifts in market dynamics.
