Sugar price begins bearish correction – Analysis - 12-12-2019
Economies.com
2019-12-12 05:47AM UTC
Sugar price faced strong negative pressure yesterday to hint the beginning of bearish correction for the last rise that start from 12.74 areas, as it tested 23.6% Fibonacci correction level, noting that surpassing this level will push the price to test 13.21 as a next station.
Therefore, we suggest witnessing negative trades today, taking into consideration that breaching 13.50 will stop the expected decline and leads the price to resume the main bullish trend.
The expected trading range for today is between 13.21 support and 13.50 resistance
The expected trend for today: Bearish
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