Sugar prices have remained relatively stable, with fluctuations confined to a sideways range, as depicted on the latest charts. The current trend suggests a bearish scenario, with prices expected to maintain their stability below the $19.82 mark. This downward trajectory is reinforced by the presence of negative pressure exerted by the EMA50, along with a decline in stochastic momentum. Analysts anticipate a potential dip to $19.00, followed by $18.50, representing the next key support levels.
However, it’s important to highlight the pivotal role of breaching the $19.82 resistance level. Such a breach would signal a halt to the anticipated decline and pave the way for a bullish wave. In this scenario, prices could target $20.50, with further upside potential towards $21.35 in the near term.
Trading Range Projection for Today
Support Level: $18.85
Resistance Level: $19.60
Trend Forecast: Bearish
This analysis underscores the cautious sentiment prevailing in the sugar market, with traders advised to monitor key support and resistance levels closely in their decision-making process.
