Sugar prices are currently hovering around the $21.55 mark, showing signs of instability as the market awaits a decisive movement to confirm the continuation of the bearish trend. Analysts note that the stochastic indicator has lost its positive momentum, which could impact the likelihood of a breakout below this crucial level.
The bearish sentiment is expected to persist in the short term. Market experts have outlined potential target prices, suggesting that if the bearish trend continues, the next targets could be set at $20.80 and possibly down to $20.08. For these targets to be realized, it is essential for prices to remain below the $22.15 threshold.
Traders should prepare for a trading range today, anticipated to be between $21.30 for support and $22.00 for resistance.
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