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Sugar Price Affected by Positive Pattern – July 2, 2024

by Jennifer

Sugar Price Analysis:

Sugar prices have consolidated above the 20.00$ barrier, with a notable pattern emerging on the chart: an inverted head and shoulders formation. This pattern typically signals a potential continuation of the bullish trend in the intraday and short-term perspectives. Initial targets based on this pattern are set at 20.55$ and extend upwards to 21.35$.

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As a result, the outlook suggests a continuation of the bullish trend for the upcoming period, contingent on the price maintaining above 19.82$. A break below this level and sustained trading beneath it could invalidate the bullish scenario.

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Expected Trading Range:

Today’s expected trading range is between support at 19.90$ and resistance at 20.80$.

Trend Forecast: Bullish

In conclusion, the forecast for sugar prices remains bullish, supported by the formation of an inverted head and shoulders pattern. Traders should monitor price movements closely, particularly around the key support and resistance levels identified, to assess the strength of bullish momentum or any potential reversals.

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