Sugar prices exhibited evident positive momentum in recent trading sessions, nearing the 22.60 level. However, it is noteworthy that the EMA50 is proving to be a formidable resistance, acting as a barrier against further upward movement and safeguarding the anticipated negative scenario for the intraday basis. This emphasizes the persistence of the bearish trend, with the next target positioned at 21.35.
Conversely, a breach of the resistance level at 22.60 would disrupt the negative scenario, paving the way for a potential recovery and the accomplishment of positive targets, reaching 23.82 in the near term.
Today’s Expected Trading Range: 21.60 (Support) – 22.40 (Resistance)
The current analysis supports a bearish trend for sugar prices, underscoring the importance of monitoring the support level at 21.60 and the resistance level at 22.40 during today’s trading activities.
