Sugar price hits the target – Forecast today - 16-04-2024

Sugar Price Analysis

Expected Scenario

• Sugar price succeeded to achieve our waited target at 19.82$ and settles there, and we suggest the continuation of the bearish bias to surpass this level and achieve additional negative targets that reach 18.50$.
• On the other hand, we should note that the consolidation of 19.82$ level against the current negative pressure and failing to break it will lead the price to start intraday bullish wave and achieve gains that start at 20.50$ and extend to 21.35$.

Expected Outcome

The expected trading range for today is between 19.40$ support and 20.10$ resistance.