Sugar Higher 6th Day In A Row

10 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 14.38 while currently trading at 14.90 a pound up about 50 points for the week as I am now recommending to add a 2nd position at this level as the chart structure has improved tremendously as the stop now has been raised to 14.15 and will also improve in 3 trading sessions.

The original recommendation was around the 14.57 level and if you take both of these trades the total risk on both contracts is around $1,200 plus slippage and commission as I do believe the risk/reward are in your favor.

The next major level of resistance is the September 15th high of 15.20 and if that is broken I think prices could head much higher as sugar is riding the coattails of unleaded gasoline and crude oil prices as the commodities are starting to gain some ground which is an excellent thing to see as I am bullish heading into 2018.

Sugar prices are trading above their 20 and 100 day moving average telling you that trend is higher as we continually grind higher as this is the 6th consecutive up session all with very modest gains as the momentum has turned north.

TREND: ---HIGHER

CHART STRUCTURE: ---EXCELLENT

VOLATILITY: LOW

 

 

 

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