Sugar price approaches the first target – Analysis - 03-06-2020

Sugar price provided clear positive trades yesterday to approach our first waited target at 11.45, which represents 38.2% Fibonacci correction level for the decline measured from 15.14 to 9.17, reminding you that we are waiting to breach this level to head towards the next target at 12.16, as the price is affected by the previously completed inverted head and shoulders’ pattern.

Therefore, we are waiting for more rise in the upcoming period conditioned by the price stability above 10.86 and the most important above 10.60.

The expected trading range for today is between 11.00 support and 11.70 resistance

The expected trend for today: Bullish