Sugar price completes the negative pattern – Analysis - 26-05-2023

Sugar price declined strongly yesterday to break 25.25 followed by 24.90 levels and settles below the last level, to completed forming the double top pattern that appears on the chart and gets negative motive that supports the chances of continuing the bearish trend in the upcoming sessions, noting that the next targets begin at 24.30 and extend to 23.50.

Therefore, we are waiting for more expected decline on the intraday and short term basis, noting that breaching 25.25 will stop the current negative pressure and push the price to attempt to regain the main bullish trend again.

The expected trading range for today is between 24.20 support and 25.10 resistance

The expected trend for today: Bearish