Sugar price confirms the break – Forecast today - 17-04-2024

Sugar Price Analysis

Expected Scenario

• Sugar price broke the 19.82$ level clearly and closed below it yesterday, reinforcing expectations of continuing the bearish trend.
• Further decline is anticipated on the intraday and short-term basis, with a next main target at 18.50$.
• The continuation of the bearish wave hinges on price stability below 19.82$.
• Breaching 19.82$ may prompt a recovery attempt towards 20.50$ initially, possibly extending to 21.35$.

Expected Trading Range

Between 19.00$ support and 19.75$ resistance.