Sugar price tests the resistance – Analysis - 30-05-2023

Sugar price ended last week with clear positivity to attack 25.25 level, noticing that the EMA50 forms good resistance against the price, to keep the chances valid to resume the correctional bearish trend, which its next target located at 24.30.

Therefore, we will be waiting for negative trades today conditioned by the price stability below 25.25 – 25.45 levels, as breaching them will stop the correctional bearish wave and lead the price to return to the main bullish track again.

The expected trading range for today is between 24.70 support and 25.50 resistance

The expected trend for today: Bearish