Sugar price suffers strong losses – Analysis - 04-05-2021

Sugar price bounced downwards strongly yesterday after reaching 17.30 level, to break key support line and form double top pattern that its signs appear on the chart, which hint that the price is facing more expected negative pressure in the upcoming period, targeting visiting 16.55 followed by 16.00 levels as initial negative stations.

Therefore, the bearish bias will be expected for today, noting that breaching 16.80 and holding above it will form initial positive motive that we expect to assist to push the price to recover again.

The expected trading range for today is between 16.40 support and 16.90 resistance

The expected trend for today: Bearish