Sugar price has successfully reached the anticipated target at 22.60 and currently consolidates at this level, signaling the potential for additional positive movements. The completion of an inverted head and shoulders’ pattern serves as a catalyst for optimism, paving the way for a rally towards the next main target at 23.80.
The supportive stance of the EMA50 from below bolsters the likelihood of the suggested positive scenario unfolding. It is crucial to note that a failure to breach the 22.60 level may disrupt the anticipated rise, leading to a bearish rebound with a potential test of 21.35 before any renewed positive attempts.
For today’s trading, the projected range is expected to fluctuate between the support at 22.30 and the resistance at 23.10.
In summary, the sugar market is currently positioned for a bullish trend, propelled by the achieved target and the formation of a bullish pattern. Traders are advised to closely monitor key levels, with the overarching expectation leaning towards further gains, provided the price holds above the 22.60 level.
