Sugar price tests the resistance – Analysis - 17-09-2020

Sugar price traded with clear positivity yesterday to test the key resistance 12.86, and keeps its stability below it until now, accompanied by witnessing clear overbought signals through stochastic, waiting to motivate the price to resume the recently suggested bearish trend scenario, which targets testing 12.16 level mainly.

Therefore, the negative scenario will remain valid conditioned by the price stability below 12.86, as breaching this level will stop the expected decline and leads the price to achieve additional gains that reach 13.73.

The expected trading range for today is between 12.16 support and 13.00 resistance

The expected trend for today: Bearish