Sugar Prices Fail to Sustain Upside Momentum – Forecast for May 9th, 2024

by Jennifer

Despite initial attempts to maintain a position above the $19.82 threshold, sugar prices faced difficulty and ultimately broke below this level, settling once again below it. This development indicates the emergence of anticipated negative pressure likely to influence forthcoming trading sessions.

Market analysis points towards a bearish trend, with downside targets set at $19.00, followed by $18.00 levels as the next critical support zones.


Supporting these expectations for a decline, stochastic indicators portray negative signals. The validity of this bearish outlook remains intact unless a significant breach above the $19.82 mark is achieved and sustained.


The expected trading range for today is projected between the support level at $19.10 and the resistance level at $19.80.

Trend Forecast: Bearish

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