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Sugar Price Faces Resistance Amidst Bearish Outlook

by Jennifer

Sugar price is currently exhibiting a modest uptick, testing the crucial resistance level at 21.35, propelled by the positive momentum indicated by stochastic analysis. However, the overarching expectation is for the bearish trend to resume, with downward targets set at 20.45 and 19.82 in the subsequent moves.

For the bearish scenario to maintain its strength, it is imperative for the price to avoid breaching 21.35 and closing above it on a daily basis.

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Today’s anticipated trading range spans from the support at 20.50 to resistance at 21.40, emphasizing the prevalent bearish sentiment. Traders are advised to remain cautious and monitor price action closely, considering potential trend shifts.

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