Sugar prices closed last Friday with a strong bearish move, breaking below the $19.23 level and forming a double top pattern. This pattern suggests further declines, with initial targets set at $18.88 and potentially extending to $18.43.
Given this technical setup, a bearish bias is anticipated for the coming sessions. However, if prices manage to breach $19.23 and subsequently $19.60, it would negate the expected downward pressure and could lead to a price recovery.
Today’s expected trading range is between $18.70 support and $19.40 resistance.
Trend Forecast: Bearish
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