Sugar Prices Down 39 Points

20 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 finished down 39 points at 14.98 a pound starting the week off on a negative note as many of the soft commodities except for cotton were lower in today's trade.

I have been recommending 2 bullish positions with an average price around 14.74 and if you took those trades the stop loss has now been raised to 14.62 as the chart structure is outstanding at the present time as that also will be raised later in the week therefore lowering the monetary risk even more.

Sugar prices are still trading above their 20 &100 day moving average as this trend still remains higher despite today's activity which was blamed on profit-taking as most commodity sectors were lower across the board.

Sugar prices hit a 14 week high last Friday as I still think the trend is intact despite today's losses so continue to place the proper stop loss and if you were not involved in the trade I would still recommend it at today's price levels as the risk is around $400 per contract plus slippage & commission. For the bullish momentum to continue we have to break last Fridays high of 15.46 and then bust through the August 1st high of 15.82 which I still think could happen possibly in next weeks trade as you have to remember we are in a holiday shortened trading week.

TREND: HIGHER

CHART STRUCTURE: EXCELLENT

VOLATILITY---SOLID

 

 

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