Sugar has been trading higher recently but price advance was halted yesterday at the resistance zone ranging around 16.30. As a result, a potential head and shoulders pattern can be spotted on H1 interval. Shoulderline of the pattern is marked with the aforementioned 16.30 zone while the neckline currently runs in the 15.55 area. Should the pattern play out in a textbook manner, breaking below the neckline would trigger a 1.30 decline and price could drop towards the support area at 14.35. However, it should be noted that if the price advance is resumed today and SUGAR breaks above the 16.30 resistance, the setup would be invalidated.
Potential head and shoulders pattern on SUGAR at H1 interval. Source: xStation5
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