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Sugar price under the negative pressure – Analysis - 02-05-2023
Sugar price ended yesterday with strong negativity, to approach the bullish channel’s support line that appears on the chart, and we prefer to stay neutral until the price confirms its situation according to this channel’s support at 25.15 to detect its next destination clearly.
Note that the continuation of the negative pressure and breaking the mentioned support will push the price to start bearish correction that its first target located at 24.30, while consolidating above it will lead the price to resume the main bullish wave and head to achieve gains that start at 26.80.
The expected trading range for today is between 25.00 support and 26.00 resistance
The expected trend for today: Neutral
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Soybean price completes positive pattern – Analysis - 02-05-2023
Soybean price couldn’t break 1402.10 level, to trade with clear positivity in the previous sessions, starting today with additional rise to complete forming double bottom pattern that its signs appear on the chart, thus, we suggest the continuation of the bullish bias in the upcoming sessions, targeting visiting 1442.00 followed by 1460.00 levels as main positive stations.
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