Sugar price faces clear negative pressure – Analysis – 24-04-2023
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Photo By Agrihunt
Sugar price traded with clear negativity on last Friday, as it found solid resistance at 25.00 barrier, which forced the price to decline to test the bullish channel’s support line that appears on the chart, to face contradiction between the technical factors that makes us prefer to stay aside until the price confirms its situation according to the support line, located now at 24.10.
Note that consolidating above this support will lead the price to resume the main bullish wave that its next target located at 25.75, while breaking it will press on the price to suffer additional losses that start bearish correction that targets 23.20 areas initially.
The expected trading range for today is between 23.85 support and 24.90 resistance.
