Sugar price keeps achieving the negative targets – Analysis - 20-10-2021

Sugar price managed to break 19.16 and declined to approach our extended target at 18.70, noticing that the price is affected by the double top pattern that we expect to push the price to surpass the last level and head towards 18.25 as a next negative target.

Therefore, the bearish bias will remain dominant in the upcoming sessions supported by the negative pressure formed by the EMA50, noting that holding below 19.16 represents the first condition to continue the suggested bearish wave.

The expected trading range for today is between 18.30 support and 19.16 resistance

The expected trend for today: Bearish