Sugar prices demonstrated renewed positive movements in recent trading, testing the critical resistance level at 22.80. This level represents the broken neckline of a double top pattern visible on the charts. However, analysts caution that as long as the price remains below this crucial level, the negative implications of the aforementioned pattern will persist. There is an anticipation of a potential decline, targeting the next negative threshold at 21.35.
The bearish sentiment is expected to dominate the intraday trading scenario unless the price manages to breach the resistance at 22.80 and sustains a daily close above this level. This breakout would signal a shift in market dynamics and could potentially reverse the current negative trend.
The expected trading range for today is projected to be between the support level at 22.20 and the resistance level at 22.90. Traders are advised to monitor these levels closely, as they could serve as key indicators influencing market sentiment.
The overall trend for today is considered bearish, reflecting the cautious approach among market participants in response to the challenging dynamics in the sugar market. Traders are encouraged to stay informed and make strategic decisions based on the evolving market conditions.
