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Sugar price tests the resistance – Analysis - 22-02-2023
Sugar price tested the resistance line that appears on the chart and keeps its stability below it, accompanied by stochastic loss to the positive momentum clearly, waiting to motivate the price to resume the bearish trend that its targets begin by testing 19.55 level, noting that this level represents neckline for the double top pattern that appears on the chart, which means that breaking it will extend the bearish wave to target 18.50 areas on the near term basis.
Therefore, we will continue to suggest the bearish trend on the intraday and short term basis, noting that breaching 20.20 will cancel the suggested negative formation and lead the price to build new bullish wave.
The expected trading range for today is between 19.50 support and 20.25 resistance
The expected trend for today: Bearish
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