Sugar price draws negative pattern – Analysis - 13-01-2021

Sugar price ended yesterday with clear negativity to break the main bullish channel’s support line, approaching to form double top pattern that its signs appear on the chart, while the EMA50 continues to form positive support the protect the price from suffering more losses.

Therefore, we prefer staying aside temporarily until we get clearer signal for the next trend, noting that breaking 14.80 will complete forming the mentioned pattern and push the price to decline towards 14.10 as a main negative target, while breaching 15.02 will bring the price back to the bullish channel and open the way to achieve new gains that start at 15.62 and extend to 16.00.

The expected trading range for today is between 14.60 support and 15.10 resistance

The expected trend for today: Neutral