This/Next Week Forecast (November 9 - 13, 2020)
Uptrend scenario
The uptrend may be expected to continue in case the sugar market rises above resistance level 15.10, which will be followed by reaching resistance level 16.50.
Downtrend scenario
A downtrend will start as soon, as the sugar market drops below support level 13.93, which will be followed by moving down to support level 13.00 and if it keeps on moving down below that level, we may expect the sugar market to reach support level 11.50.
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Previous week sugar price forecast chart
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Fundamental Analysis
The difference between supply and demand shows the fair price on level 13 and the new COVID wave increasing downtrend pressure.
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Monthly Forecast
Uptrend scenario
The uptrend may be expected to continue in case the sugar market rises above resistance level 15.10, which will be followed by reaching resistance level 16.50 and 18.00.
Downtrend scenario
The downtrend may be expected to continue, while the sugar market is trading below resistance level 15.10, which will be followed by reaching support level 13.00 and if it keeps on moving down below that level, we may expect the sugar market to reach support level 11.50.
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