Sugar price faces solid support – Analysis - 02-12-2020

Sugar price attempts to break the main bullish channel’s support line, noticing that the price moves inside an intraday bearish channel that we are waiting to assist to break the mentioned support and open the way to head towards 13.84 that represents our next negative target.

Therefore, we will continue to suggest the bearish trend for the upcoming period, noting that breaching 14.50 will stop the expected decline and leads the price to start new bullish wave that targets 15.27 areas initially.

The expected trading range for today is between 13.84 support and 14.50 resistance

The expected trend for today: Bearish