Recent price movements in the sugar market reveal a consolidation phase within a bearish flag pattern, discernible on the minor chart. The significance of this pattern lies in its potential to trigger a negative trajectory once the critical support level at 20.65 is breached. Such a breakdown would activate the bearish implications of the flag pattern, setting the stage for a resumption of the anticipated downward trend on the intraday horizon. The subsequent downside target is situated at 19.82.
It remains paramount for the bearish scenario to maintain validity that the price holds below the resistance level at 21.35.
For today’s trading parameters, the expected range spans between the support level at 20.10 and the resistance level at 20.90.
Expected Trend for Today: Bearish
