Sugar Lower On Profit Taking

27 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 are trading lower by 12 points at 15.33 a pound unable to cross the critical 15.49 level which has been hit twice in recent days as I have been recommending a bullish position on 2 contracts with an average price around 14.74 & if you took the trade continue to place the stop loss under the 10 day low which stands at 14.73 as the chart structure will not improve for another 7 days.

Sugar prices are still trading above their 20 and 100 day moving average near a 4 month high as I also have a bullish recommendation in cotton which is slightly higher in today's trade as I remain bullish as I think today is basically blamed on profit taking as we rallied about 75 points over the last 3 trading sessions.

Crude oil prices are down about a $1.20 today and I think that is also pressuring sugar which is used as a bio diesel as strong ethanol demand continues to push up prices and as I've talked about in previous blogs I am looking at a 3rd bullish recommendation possibly later this week once the chart structure improves or on any type of price retracement therefore lowering the monetary risk.






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