Sugar price provided new negative trades yesterday to reach the thresholds of the waited target at 25.25, and we expect to break this level to open the way to extend the correctional bearish wave to reach 24.30 aeras.
By taking a deeper look at the chart, we find that the price is forming double top pattern that its confirmation line located at 24.90, which means that breaking this level will push the price to achieve additional negative targets that extend to 23.50.
Therefore, we will continue to suggest the bearish trend for the upcoming period unless breaching 26.00 and holding above it.
The expected trading range for today is between 24.80 support and 25.60 resistance
The expected trend for today: Bearish