Sugar price suffers – Analysis - 14-02-2020

Sugar price ended yesterday’s trading with strong decline to touch the key support 14.75, noticing that the price still inside the main bullish channel, as the EMA50 provides continuous positive support to protect the continuation of trading inside this channel, while stochastic gains the positive momentum gradually.

Therefore, we believe that the chances valid to resume the overall bullish trend, but the price needs to consolidate above 14.65 to guarantee not facing more negative pressure and open the way to start bearish correction on the intraday and short term basis, noting that our waited positive targets begin at 15.00 and extend to 15.60.

The expected trading range for today is between 14.65 support and 15.10 resistance

The expected trend for today: Overall Bullish