Have Sugar Prices Topped Out ?

14 Oct in Blog, Cocoa futures, coffee futures trading, commodity consultation, commodity trading, cotton futures, lumber futures, Michael Seery, milk futures, orange juice futures, Seery Futures.com, sugar futures

Sugar Futures--- Sugar futures in the March contract is now trading below its 20 day moving average which has not happened in several months while still trading above its 100 day as prices have stalled out near the 23 level over the last several weeks as major resistance continues to stand around the 24 level.

Rumors of China possibly selling 350,000 tons of sugar from government storage is keeping a lid on prices here in the short-term which could lower Chinese demand as prices settled in New York last Friday at 23.42 while currently trading at 22.97 down about 45 points for the trading week as I am currently not involved in this market. If you are long a futures contract my recommendation would be to place your stop loss at the 10 day low which stands at 22.52 which is only risking about another 50 points or $600 per contract plus slippage and commission from today’s price level as there is very little fresh fundamental news to dictate short-term price action as prices are still operating right near a 4 year high.

At the present time I have no trade recommendations in the soft commodities as all my recommendations are in the grain market which is now trending higher. TREND: MIXED--HIGHER –CHART STRUCTURE: EXCELLENT

If you are looking to contact Michael Seery (CTA—COMMODITY TRADING ADVISOR) at 1-312-224-8140 he will be more than happy to help you with your trading or visit www.seeryfutures.com Skype Address: mike.seery3 TWITTER---@seeryfutures

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