Sugar price breaches the resistance – Forecast today - 08-05-2024

Sugar Price Analysis

Outlook and Forecast for Current Trading Sessions

Expected Scenario

• Price ended positively, breaching 19.82$ level and closing above it
• Bullish wave expected towards gains starting at 20.50$ and extending to 21.35$

Sugar price ended yesterday positively, as it breached the 19.82$ level and closed the daily candlestick above it, starting to build a bullish wave on the intraday basis and heading towards achieving gains that start at 20.50$ and extend to 21.35$.

The bullish bias will be suggested for today, noting that breaking 19.82$ and holding below it will stop the expected rise and push the price to decline again.

Expected Trading Range

1. Support: 19.70$
2. Resistance: 20.30$

Trend Forecast: Bullish