Sugar price hits the target – Analysis - 03-08-2020

Sugar price succeeded to achieve our waited target at 12.86 and settles there, which represents 61.8% Fibonacci correction level for the decline measured from 15.14 to 9.17, which hints the importance of this level to determine the next trend, as breaching it will push the price to achieve additional gains that extend to 13.73.

On the other hand, the stability of the mentioned level against the price’s bullish rally will press on trades to decline again and attempt to return to the main bearish track, to start the negative targets by testing 12.16 level.

Therefore, we prefer staying neutral temporarily until the price confirms its situation according to 12.86 by the next trading session open.

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

The expected trend for today: Neutral