How High Can Sugar Prices Go ?

17 Nov in Blog, coffee futures, commodity trading, cotton futures, futures trading, Mike Seery, orange juice futures, seeryfutures, sugar futures

Sugar Futures--- Sugar futures in the March contract settled last Friday in New York at 14.96 while currently trading at 15.37 a pound up about 40 points for the trading week hitting a 15 week high continuing its bullish momentum to the upside due to strong ethanol demand.

I was recommending the original position from around 14.57level & then also recommending to add to that position in last weeks trade around 14.90 as the average price is about 14.74 & if you took those trades place the stop loss in Monday's trade at 14.43, however in Tuesday's trade it will be raised to 14.62 as I might be looking at another bullish trade possibly next week.

The next major level of resistance is the August 1st high of 15.82 & if that is broken I think we can head up to the 17 level as I'm very bullish the commodity sectors as they have finally shown a spark of life in today's trade as the tax cuts in my opinion will act as a stimulus program to all of the agricultural markets.

Sugar prices are trading above their 20 and 100 day moving average telling you the trend is to the upside as major support was held around the 13.70 level over the last several months so continue to place the proper stop loss as who knows how high prices can go.







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