In today’s analysis of sugar prices, the commodity is observed to be fluctuating within a sideways range, as depicted on the chart. This stability is maintained below the $19.82 mark, reinforcing the validity of the current bearish trend scenario. Negative pressure exerted by the EMA50, coupled with stochastic losses in positive momentum, further support this outlook, with anticipated targets set at $19.00 followed by $18.50.
However, it’s imperative to acknowledge that a breach of the $19.82 level would halt the anticipated decline and initiate a bullish wave targeting $20.50, with subsequent aims at $21.35 on a near-term basis.
Today’s trading range is projected within the following parameters:
- Support: $18.85
- Resistance: $19.60
The overall trend forecast remains bearish, indicating a sustained predisposition towards further downward movements, unless the aforementioned resistance level is breached.
