Sugar price attempts to recover – Analysis - 12-01-2022

Sugar price settles above 17.70 level, to head towards potential test to 18.25 level before turning back to decline again, to suggest some temporary bullish bias in the upcoming sessions, noting that the main trend still bearish, and the price needs to break 17.70 to confirm heading towards 17.00 as a next negative station.

On the other hand, we should note that breaching 18.25 will lead the price to achieve additional gains that reach 18.70 and might extend to 19.16 on the near term basis.

The expected trading range for today is between 17.30 support and 18.25 resistance

The expected trend for today: Overall bearish