Sugar prices have successfully breached the support line of the bearish flag pattern and established a position below it. This development indicates a negative momentum that is expected to persist, supporting the continuation of the decline on an intraday basis. Traders should be aware that the next target for this bearish movement is positioned at 19.82.
The sustainability of the expected bearish trend relies on the price holding below 21.35. The ongoing support from the Exponential Moving Average (EMA50) adds to the credibility of the negative scenario. It’s crucial to note that a breach above the 21.35 level would negate the bearish outlook, potentially leading the price to attempt a recovery and build a bullish wave on an intraday basis.
For today’s trading, the expected range is between the support level at 20.30 and the resistance level at 20.20. The prevailing trend for today is considered bearish. Traders are advised to closely monitor price movements and key support/resistance levels for well-informed decision-making.
