Sugar price touches the channel’s support – Analysis - 01-12-2020

Sugar price provided clear negative trades yesterday to touch the main bullish channel’s support line that appears on the chart, waiting for more decline to surpass this support and touch 13.84 that represents our main negative target.

Therefore, we will continue to suggest the bearish trend on the intraday basis, taking into consideration that the stability of the current support areas against the negative pressure will push the price to start new bullish wave according to the trading rules inside the channels.

The expected trading range for today is between 13.84 support and 14.40 resistance

The expected trend for today: Bearish