Sugar prices experienced further declines recently, breaking below the critical $19.25 mark and settling below it. Analysts have pointed out that this movement completed the formation of a double top pattern, indicating potential further downside with targets as low as the $18.00 range.
The bearish sentiment is expected to persist in upcoming sessions, contingent on whether the $19.25 level can be breached to alleviate current downward pressures. Such a breakthrough could initiate a reversal, prompting the price to aim for initial recovery targets around $19.82.
Today’s anticipated trading range reflects this volatility, with support likely at $18.60 and resistance at $19.40. Traders and investors are advised to monitor these levels closely amidst the ongoing market fluctuations.
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