Sugar Prices Surge, Gaining Momentum

by Jennifer

Sugar prices experienced a robust upward rally recently, breaking through the 26.74 mark and firmly establishing its position above this level. This move has reinvigorated the bullish outlook and set the stage for further gains, with an initial target set at 27.82.

The prevailing sentiment remains decidedly bullish for the day, underpinned by trading above the EMA50. However, it is crucial to bear in mind that a breach of 26.74 could jeopardize this positive scenario, potentially subjecting the price to corrective bearish pressures once more.


Traders should consider a trading range with support at 27.00 and resistance at 27.90. The overall trajectory for the day is anticipated to be bullish.


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