Expected Scenario:
Sugar price has been trading within a sideways pattern in recent sessions. However, negative signals from the stochastic indicator suggest a potential resumption of the bearish momentum in the near future. The next target for the bearish wave is identified at $17.35.
Expected Outlook:
The bearish bias remains intact, contingent upon the price holding below the resistance level at $18.90. This condition is crucial for the continuation of the anticipated downward movement.
Expected Trading Range:
The anticipated trading range is between the support level at $17.80 and the resistance level at $18.50.
Trend Forecast: Bearish
In summary, sugar price is expected to maintain its bearish outlook, with a potential decline towards the specified target. Traders should monitor key support and resistance levels for confirmation of the bearish trend continuation.
