Sugar price tests the support – Analysis - 16-12-2019
Economies.com
2019-12-16 05:56AM UTC
Sugar price bounced downwards clearly after approaching 13.68 level, to test the support base formed above 13.46, noticing that the EMA50 meets this support to add more strength to it, while stochastic shows clear oversold signals now.
Therefore, we believe that the chances are valid to rebound bearishly and resume the main bullish trend, which its next target located at 14.00, noting that breaking 13.46 will stop the expected rise and presses on the price to turn to decline.
The expected trading range for today is between 13.40 support and 13.68 resistance
The expected trend for today: Bullish
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