Sugar price faces negative pressure – Analysis - 23-11-2020

Sugar price attacked 14.90 support line on last Friday and declined clearly to record 14.60 level, but it bounced upwards to end that day above the mentioned support, which makes us continue with our neutrality until the price confirms breaking this support or breaching 15.27 resistance to detect the next targets clearly.

Note that breaching 15.27 resistance will lead the price to continue the rise and achieve gains that start at 15.50 and extend to 16.00, while breaking 14.90 support will press on the price to decline towards 14.00 – 13.84 levels before any new attempt to resume the main bullish trend.

The expected trading range for today is between 14.50 support and 15.40 resistance

The expected trend for today: Neutral