Sugar price faces negative pressure – Analysis - 06-08-2020

Sugar price ended yesterday with clear decline to break 12.86 level and settles below it, which urges caution from the upcoming trading, as opening today below this level will push the price for more decline and attempt to return to the main bearish track, while stepping above it will lead the price to resume the bullish trend that its next target located at 13.73.

Therefore, we prefer staying aside temporarily until the price confirms its situation according to 12.86 level.

The expected trading range for today is between 12.40 support and 13.10 resistance

The expected trend for today: Neutral