Sugar prices surged significantly in yesterday’s trading session, robustly surpassing the 21.65 level and successfully settling above the 22.00 barrier. A meticulous analysis of the chart reveals the completion of an inverted head and shoulders’ pattern, bolstering the prospects for further gains in the upcoming sessions. The trajectory is set towards testing 22.60 as the next significant station.
The intraday outlook leans towards a bullish bias, with the condition for maintaining this momentum resting on the prevention of a break below 21.35.
Today’s anticipated trading range is expected to oscillate between the support at 21.80 and resistance at 22.60, capturing the inherent volatility in the sugar market.
The prevailing trend for today is distinctly bullish, urging traders to monitor price movements and key support/resistance levels diligently. The successful avoidance of a breach below 21.35 is pivotal for the sustainability of the current bullish momentum, shaping the evolving dynamics in the sugar market.
