Where Are Sugar Prices Going ?

26 Aug 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 Prices--- Sugar futures in the October contract are lower by 10 points currently trading at 20.45 a pound after settling last Friday at 19.77 up about 65 points for the trading week continuing its bullish trend as I’m currently sitting on the sidelines at the present time as prices have gone nowhere over the last 2 months.

Sugar prices are trading above their 20 and 100 day moving average telling you that the short-term trend is higher coupled with the fact that the longer-term trend is also higher with major resistance around the 21 level and if that is broken you have to think that prices would have to move even higher as I would be looking at a bullish position to the upside at that time.

Sugar prices have been chopping around between 19/21 over the last 2 months as I don’t like to trade choppy markets as they are extremely difficult to trade successfully in my opinion, but something will develop relatively soon in my opinion so be patient and wait for a breakout to occur as I also need the chart structure to tighten up as this commodity is relatively volatile despite the fact that prices are stuck in a trading range. TREND: HIGHER---MIXED –CHART STRUCTURE: SOLID

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