Sugar: Downtrend will start if it drops below 12.90 support level

Weekly Forecast (August 17 - 21)

Uptrend scenario

The uptrend may be expected to continue, while market is trading above support level 12.9, which will be followed by reaching resistance level 13.8.

Downtrend scenario

An downtrend will start as soon, as the market drops below support level 12.9, which will be followed by moving down to support level 12.2 and if it keeps on moving down below that level, we may expect the market to reach support level 11.4 - 11.2.

Previous week sugar forecast chart.

Long-term Forecast (Quarter III: July - September, 2020)

Uptrend scenario

The uptrend may be expected to continue, while market is trading above support level 12.2, which will be followed by reaching resistance level 13.8 and 15.1.

Downtrend scenario

An downtrend will start as soon, as the market drops below support level 11.48, which will be followed by moving down to support level 10.2 - 9.7.

Fundamental Analysis

Difference between supply and demand shows oversold market and the fair price at the level $14.