Midday update for Sugar price 13-05-2022

Sugar price surpassed 18.70 level to test the bearish channel’s resistance now, which urges caution from the upcoming trading, as breaching 18.85 will push the price to achieve more gains and head to visit 19.16 level initially, while breaking 18.70 and trading below it again will reactivate the negative scenario that targets 18.25 level as a next station.

Therefore, we prefer to stay neutral until the price confirms breaching one of the above mentioned levels to detect its next destination clearly.

The expected trading range for today is between 18.40 support and 19.15 resistance

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The expected trend for today: Neutral