Sugar price managed to touch our waited target at 20.08$, noticing that the technical indicators provide negative signals that support the chances of breaking this level to open the way to continue the decline on the intraday and short-term basis, noting that the next target reaches 19.40$.
On the other hand, we should note that failing to achieve the required break will push the price to start recovery attempts and achieve gains that start by testing the bearish channel’s resistance line around 20.95$ before any new attempt to decline.
The expected trading range for today is between 19.70$ support and 20.45$ resistance
Trend forecast: Bearish
