Sugar 11 failed to close above upward trend line and making a new 4 month low as last week closing price at 19.35. The violation of the 19.48 level is critical, because that is a four month low. Which indicate price will go down further.
For now, we keep our near-term bearish bias view. Note that its daily RSI is still far from reaching the oversold territory as it closed at the 35-pt level last Thursday.
From the current level, look for immediate strong support at 19.00 psychological mark followed by the 18.50 level. To the upside, resistance can be found at 19.48 which is previous low followed by 20.35 level.
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