Sugar Price Resumes Decline, Bearish Trend Continues – May 23, 2024

by Jennifer

Expected Scenario

Sugar price has reverted to a bearish trajectory following a temporary uptick, nearing the $18.00 barrier. We anticipate a breakthrough of this level to validate the extension of the bearish wave towards $17.35.


Consequently, we maintain our stance of a bearish trend for the upcoming period, reinforced by the negative pressure exerted by the EMA50. A breach of $18.90 would prompt a price recovery towards $19.82 before any new downward attempt.


Expected Trading Range

The anticipated trading range spans between the support level at $17.80 and the resistance level at $18.40.

Trend Forecast: Bearish

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