Sugar price heads to retest – Analysis - 22-05-2020

Economies.com
2020-05-22 00:55AM UTC

Sugar price provided negative trades by the end of yesterday to head towards potential retest to the breached neckline of the inverted head and shoulders’ pattern that appears on the chart, and the EMA50 meets this level that forms key support at 10.60 to add more strength to it, which supports the chances of resuming the expected bullish trend for the upcoming period after testing the mentioned support.

 

Therefore, we will continue to suggest the bullish trend for the upcoming period unless we witnessed clear break and hold below 10.60.

 

The expected trading range for today is between 10.60 support and 11.45 resistance

 

The expected trend for today: Bullish

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